NZX 50 Climbs Into Month-End as Rate Cuts, Confidence and New Listings Reshape New Zealand’s Sharemarket

WELLINGTON – 29 November 2025 – New Zealand’s sharemarket has finished the week on a firmer footing, as investors digest a “hawkish cut” from the Reserve Bank, a surge in business confidence, and a flurry of stock‑specific news ranging from coffee chains and gold miners to a crypto‑flavoured tech listing.

Below is a full wrap of the key developments affecting the New Zealand stock market on Friday 28 November (the last trading day of the week) and Saturday 29 November 2025.

Market snapshot: NZX 50 edges higher, ends mixed November

On Friday 28 November, the S&P/NZX 50 Index:

Closed at 13,489.15, up 56.95 points (0.42%) on the day. ^[1]
Turnover on the main board was about 35.5 million shares, worth NZ$130.4 million, with 81 gainers and 56 decliners. ^[2]

Local coverage and international market reports note that the session was relatively subdued with Wall Street quiet for the US Thanksgiving holiday, though New Zealand equities outperformed flat Australian shares. ^[3]

Despite Friday’s rise, Reuters reporting shows the NZX 50 recorded its first monthly decline in seven months in November, even as the index finished the month just shy of recent highs. ^[4]

For the week and year:

As of mid‑afternoon Friday, interest.co.nz’s daily update had the NZX 50 up about 0.5% over the past five sessions and around 3.3% higher year‑on‑year. ^[5]

In short: the market is grinding higher into year‑end, but November was a reminder that the post‑winter rally is no longer one‑way traffic.

Macro backdrop: a “hawkish” rate cut and booming business confidence

Two big macro stories are setting the tone for New Zealand equities:

1. RBNZ cuts the OCR to 2.25% – and hints it’s done easing

On Wednesday 26 November, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 25 basis points to 2.25%, its lowest level in more than three years. ^[6]

Key points from the decision and November Monetary Policy Statement:

The Monetary Policy Committee voted 5–1 for the cut, after weighing up whether to hold rates or trim once more. ^[7]
The Bank signalled this move likely marks the end of the current easing cycle, saying future changes will depend on how inflation and the economy evolve. ^[8]
Official RBNZ data show the OCR now at 2.25%, with the next review due on 18 February 2026. ^[9]

Markets treated it as a “hawkish cut”: Reuters and other analysts note the New Zealand dollar strengthened and traders slashed expectations for further reductions once the guidance became clear. ^[10]

Domestically, banks have quickly passed on some of the easing:

A 1News live blog shows several major lenders cutting home‑loan rates after the decision; for example, The Co‑operative Bank dropped its floating rate to 4.99%, more than matching the OCR move. ^[11]

For equity investors, lower rates support valuations for yield stocks and rate‑sensitive sectors such as property and infrastructure, but the RBNZ’s “we’re probably done” message caps expectations for an aggressive easing cycle.

2. Business confidence hits an 11‑year high

Fresh survey data suggest the monetary stimulus is finally gaining traction:

The ANZ Business Outlook survey, reported by Reuters, shows net business confidence at 67.1% in November, the highest in 11 years, up from 58.1% in October.
53.1% of firms expect their own activity to grow over the year ahead, compared with 44.6% previously. ^[12]

This combination—cheaper money and sharply improving sentiment—helps explain why domestic‑focused names and smaller caps have started to attract interest again, even as global markets remain twitchy.

Big movers on the NZX 50: travel tech, rural exporters and yield plays

Interest.co.nz’s Daily NZX update for Friday highlights the main action inside the benchmark. ^[13]

Gainers

Among NZX 50 constituents, notable positive stories over the past week include:

Serko (SKO) – the travel‑booking software company climbed about 8% over five days, driven by ongoing recovery in corporate travel and optimism about its global partnerships. It remains down around 27% year‑on‑year, underlining how volatile the post‑pandemic rebuild has been. ^[14]
Scales Corporation (SCL) – the agribusiness group has been one of the quiet winners of 2025, up roughly 35% over six months and 42% year‑on‑year, even after a small pullback in November. ^[15]
Gentrack (GTK) – the utilities and airports software firm is up around 32% in the past week on the back of strong results, though it is still about 22% lower than a year ago. ^[16]

Dividend hunters also saw modest gains:

Smartshares’ NZ Dividend ETF (DIV) rose 0.6% on the day and is up double‑digits over 12 months, reflecting renewed appetite for income stocks as rates fall. ^[17]

Decliners

On the downside:

NZX Limited (NZX) – the exchange operator itself was among the day’s laggards, off about 2%, with the stock still modestly higher over a year but underperforming the broader market. ^[18]
Vector (VCT) – the Auckland lines company was down roughly 5% over five days, although it remains about 24% higher than a year ago, showing how strong the earlier rally in regulated infrastructure has been. ^[19]
Ryman Healthcare (RYM) – still up about 21% over six months but down around 33% year‑on‑year, reflecting investor caution around aged‑care balance sheets and property values. ^[20]
Investore Property (IPL) – off about 1% on the day but modestly higher over six and twelve months as investors weigh retail property yields against broader real‑estate and housing weakness. ^[21]

These moves underline a key 2025 theme: selective optimism. Tech‑adjacent and export‑exposed names are rebounding strongly, while yield and property plays are grinding higher but remain hostage to interest‑rate and housing‑market headlines.

Corporate results and filings: coffee, climate and ports

Cooks Coffee Company doubles revenue but sees margin pressure

Cooks Coffee Company (CCC) reported its half‑year results to 30 September 2025 late on Friday. Highlights from the NZX announcement include: ^[22]

Group revenue jumped 111% to NZ$5.77m from NZ$2.74m a year earlier, largely thanks to company‑managed stores in Ireland under a partnership with Dairygold.
On a like‑for‑like basis (excluding these new stores), revenue rose 19.3% to NZ$3.27m.
EBITDA (pre‑depreciation, amortisation and impairments) was NZ$0.606m, slightly below last year’s NZ$0.807m; normalised, management says EBITDA is about 5% lower.
Net profit before tax from continuing operations was NZ$0.068m, down from NZ$0.53m, as the company invested in expansion and absorbed one‑off costs.
Total store sales in the UK and Ireland climbed 26.9% to NZ$45.5m, with 96 stores operating at the end of September and a planned lift to around 108 stores by March 2026.

The company emphasised a strong pipeline of new stores, new partnerships with Tesco and NEXT in the UK and Ireland, and a further push into markets such as India and the Middle East. The board remains optimistic that momentum will continue into the second half.

Synlait, Contact Energy and Port of Tauranga: climate, earnings and capacity

Interest.co.nz’s Friday market wrap also flagged several key announcements from NZX heavyweights: ^[23]

Synlait Milk (SML) released its second Integrated Climate Report for FY25, highlighting:
- Scope 1 and 2 emissions down 6% from FY20 (but up 7% on FY24).
- On‑farm emissions per tonne of milk solids down 13% from FY20.
- Nitrogen loss from supplier farms down 38% since FY18.
- Some 327,589 native seedlings distributed under its Whakapuāwai programme.
Contact Energy (CEN) confirmed it will release interim results for the six months to 31 December before market open on Monday, 16 February 2026, a key date for investors in the gentailer sector.
Port of Tauranga (POT) said its Stella Passage development consent has been referred to the Government’s fast‑track process, after delays under earlier legislation. Management warned that capacity constraints are already forcing the port to turn away shipping services, citing the project as critical for both regional and national growth.

Taken together, these updates show large‑cap issuers trying to balance growth, climate commitments and infrastructure bottlenecks at a time when capital markets are cautiously open but more discerning than in the ultra‑low‑rate era.

New Talisman trading halt: stress at the speculative end of the market

Small‑cap miner New Talisman Gold Mines (NTL) was placed into a trading halt on Friday at the company’s request, prompting discussion about funding conditions for early‑stage resource plays. ^[24]

According to announcements and BusinessDesk coverage:

The board requested the halt to assess the company’s financial position and strategic options.
Directors said they cannot reach a conclusion until they have heard from a potential investor expected to provide an update early next week.
New Talisman holds both a mining permit and an exploration permit over the historic Talisman gold project, but has long struggled to secure sufficient capital to move beyond exploration. ^[25]

For the wider market, the case illustrates how tighter funding conditions and higher risk‑free rates over the past two years have left some speculative issuers in a precarious position, even as blue‑chip valuations recover.

The Warehouse under the spotlight: AGM updates and a harsh verdict

One of the most closely watched corporate stories of the week centres on The Warehouse Group (WHS).

AGM: store revamps and strategy talk

A BusinessDesk report from Friday’s annual meeting notes that: ^[26]

New CEO Mark Stirton told shareholders the Albany and Silverdale “Red Shed” stores could be the first in line for interior revamps, signalling a refreshed approach to store formats.
The AGM covered the retailer’s 2025 financial performance, its grocery strategy, and how the weaker economy and cost‑of‑living pressures are shaping consumer behaviour.

While detailed financial numbers were not the focus of this particular story, the message was clear: management is trying to modernise the store network and reposition the brand in a tougher retail landscape.

Weekend opinion: “The Warehouse is ‘cooked’, everyone knows it”

On Saturday 29 November, BusinessDesk ran a strongly worded opinion column under the headline “The Warehouse is ‘cooked’, everyone knows it”. The author, Simon Robertson, argues the retailer “lost its way a long time ago” and questions whether incremental changes such as store revamps can fix deeper strategic issues. ^[27]

Because this is commentary rather than reporting, it doesn’t introduce new hard data. But it’s a useful window into investor and analyst sentiment:

Skepticism remains high about turnaround prospects after years of margin pressure and mis‑steps.
There is concern The Warehouse risks becoming structurally challenged by specialist chains, supermarkets and e‑commerce players, even if the balance sheet is currently stable.

For shareholders, the juxtaposition of an upbeat AGM narrative and a brutally negative opinion piece encapsulates the fork in the road facing the stock.

Locate Technologies: NZX’s first Bitcoin‑treasury play heads for listing

The most headline‑grabbing weekend story for capital‑markets watchers is the progress of Locate Technologies, a logistics‑tech company with a Bitcoin‑heavy treasury strategy.

The listing mechanics

An NZX Listing and Quotation Notice dated 11 November confirms: ^[28]

Locate Technologies Limited will list on the NZX Main Board under the code LOC.
The listing is structured as an initial public offering (IPO) with 58,333,333 ordinary shares on issue at listing (including 45 million offered under the Novus offer).
The reference price is NZ$0.075 per share, implying a relatively small initial market capitalisation.
The IPO offer closed on 24 November, with listing expected on Wednesday 3 December 2025, subject to shareholder approval of a scheme of arrangement moving the holding company from the ASX to NZX. ^[29]

TipRanks and ASX announcement summaries show Locate recently completed a NZ$1m capital raise as part of this transition, supported by both new and existing investors. ^[30]

Strategy: last‑mile logistics plus Bitcoin treasury

Locate’s own materials describe it as a technology‑driven last‑mile logistics company, with products such as Locate2u route‑optimisation software, the Zoom2u delivery marketplace and Shred2u document‑destruction services. ^[31]

What sets it apart, and has captured attention this weekend, is its “Bitcoin treasury” strategy:

Locate markets itself as “New Zealand’s first listed Bitcoin treasury company”, intending to hold a significant portion of its treasury assets in Bitcoin rather than traditional cash. ^[32]
Company FAQs explain the move to the NZX is partly driven by regulation: the ASX’s “cash box rule” limits how much of a company’s assets can be held in cash‑like instruments, and the ASX currently classifies Bitcoin as “cash‑like”. The NZX does not have an equivalent restriction, giving Locate more flexibility to pursue its strategy. ^[33]

A fresh BusinessDesk column published Saturday (“Locate Technologies’ NZX listing – can its bitcoin bet pay off?”) crunches the numbers and questions whether shareholders are being fairly compensated for the added volatility of holding Bitcoin on the balance sheet. ^[34]

For the NZX, the listing is symbolically important: it underscores that the exchange is open to innovative, higher‑risk capital‑allocation models, just as the RBNZ and regulators are tightening supervision elsewhere in the financial system.

Housing slump and rate cuts: the other side of the story

While the equity market is focusing on rate cuts and confidence, Reuters reporting on New Zealand’s housing downturn provides a sobering counterweight: ^[35]

House prices in some regions are down as much as 30% from their late‑2021 peaks, leaving values around 15% below peak nationwide.
The slump has damped consumer spending and contributed to the economy contracting in three of the past five quarters.
Although modest price growth (around 5% per year) is forecast for 2026–27, analysts caution that the era of rapid capital gains from property may be over.

This backdrop is critical for listed sectors:

Banks and insurers face slower credit growth and potential asset‑quality questions.
Retailers such as The Warehouse operate in an environment where households are more cautious, even as mortgage rates fall.
Property and retirement‑village stocks continue to trade as leveraged plays on a less frothy housing market.

The RBNZ’s November Statement explicitly acknowledges these trade‑offs, stressing that while rate cuts support the recovery, the committee wants to avoid stoking another debt‑fuelled property boom. ^[36]

What to watch next week

As markets re‑open after the weekend, investors will be watching:

Follow‑up from New Talisman’s potential investor and whether trading resumes with a clear funding pathway. ^[37]
Market reception to Locate Technologies’ NZX debut on 3 December – both the initial pricing and how much of its value investors ascribe to the Bitcoin treasury versus the underlying logistics business. ^[38]
Any early signs of spending or housing response to the RBNZ cut and the flow‑through of lower mortgage rates from the main banks. ^[39]
Pre‑Christmas trading updates from retailers, particularly The Warehouse and other consumer names, given the sharp divergence between business confidence readings and cautious household sentiment. ^[40]

Key takeaways for investors

NZX 50 up 0.4% on Friday, but November marks the first monthly drop in seven – the bull run is intact but no longer relentless. ^[41]
The RBNZ’s cut to 2.25% and an 11‑year‑high in business confidence are powerful tailwinds for equities, yet the Bank has signalled little appetite for further easing. ^[42]
Stock performance is increasingly idiosyncratic: travel tech (Serko, Gentrack) and exporters (Scales) are thriving, while some yield plays and the exchange itself lag. ^[43]
Corporate news from Cooks Coffee, Synlait, Contact Energy and Port of Tauranga shows companies leaning into growth and climate goals, even as funding remains selective. ^[44]
New Talisman’s trading halt and Locate Technologies’ Bitcoin‑treasury listing bookend the risk spectrum, highlighting both stress at the speculative end and the NZX’s appetite for innovative new listings. ^[45]
A deep housing correction continues to act as a drag on the real economy and consumer‑facing stocks, tempering the otherwise supportive rate backdrop. ^[46]

As always, this overview is general information, not financial advice. Anyone considering investing in New Zealand equities should assess their own risk tolerance and, where appropriate, seek professional guidance.