Fisher & Paykel Healthcare helps NZX up over 1% to start July
After a strong lead from Wall Street, the New Zealand share market started the second half of 2026 in positive territory.
Tuesday, July 1st 2025, 5:59PM
by BusinessDesk
The S&P/NZX 50 rose steadily throughout the day, before dropping slightly around 2pm to end the day 1.05% up on 12,734.53 points. Just over 36 million shares changed hands, worth $136.9m.
In the United States, the S&P 500 and Nasdaq Composite closed at record highs on Monday.
For the second quarter, the tech-heavy Nasdaq led major indexes with a 17.75% surge, while the S&P 500 added 10.57%. The Dow Jones Industrial Average posted a more modest 4.98% gain.
Paul Robertshawe, Octagon’s chief investment officer, said easing investor uncertainty around potential interest rate cuts and solid employment data was lifting US markets.
He said the US consumer price index had been a little bit weaker than the market expected.
“The tariff increases have not really flown through to end pricing yet. Will they? That's the question the market's asking,” he said.
“As long as there's not a sort of massive downgrade cycle, I think Wall Street continues to just truck along.”
The NZX
The New Zealand benchmark's largest constituent, Fisher & Paykel Healthcare, ended 3.8% higher at $37.42 on market-leading volumes.
Robertshawe said a broker reported the company was releasing a new mask, although he was not sure if that was the catalyst for the stock's movement.
“They're continuing with their development cadence. Other than that, I can't explain the size of that move.”
Skellerup Holdings and Fletcher Building were likewise up, lifting 5.1% to $4.95 and 3.46% to $2.99, respectively.
The Warehouse Group gained early despite downgrading earnings guidance, but ended the day flat at 80 cents.
The retailer said it expected full-year earnings before interest and tax (ebit) to range between a $5m loss and a $5m profit for the 53 weeks ending Aug 3.
That compares to earlier earnings expectations of approximately $5.5m profit, most recently provided in early May.
“There's no one left to sell that stock,” Robertshawe said. "I don't think there's any reason for the move. People probably expected a downgrade. Maybe it wasn't as bad as people thought.”
Robertshawe also highlighted SkyCity, which lost 5.32% to 89 cents, saying the stock's been hit by weak consumer spending, which is hurting foot traffic.
“It rallied into the month end, and then it's given it all back,” he said.
Small-cap
Comvita sank 2.08% to 47 cents after the honey firm signalled it had agreed to revised covenants with its banking syndicate for the remainder of the calendar year.
Robertshawe said the update was a signal the firm “clearly has financial problems with low earnings and high debt”.
“They've got a very strong brand. But, it's not a great time to be trying to accelerate sales.”
Metro Performance Glass told the exchange it was looking to raise at least $15m from new and existing investors.
The glass manufacturer said it completed binding agreements with Amari Metals Australia, executive director Simon Bennett, and other wholesale investors.
The capital raise, priced at 3 cents per share (cps), may total up to $24m, depending on oversubscriptions.
Shares closed the day 5.88% lower at 4.8 cents.
| « NZX ends half year down 3.6%, primary sector saving grace | Expectations of rate cuts boost NZ sharemarket in light trade » |
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