NZ sharemarket edges higher despite KMD Brands loss, new RBNZ Governor Anna Breman
The New Zealand sharemarket rose on Wednesday with a largely in-line result from KMD Brands, while investor attention was drawn to the announcement of the Reserve Bank of NZ’s new governor.
Wednesday, September 24th 2025, 6:53PM
by BusinessDesk
The S&P/NZX 50 Index closed up 0.34% or 44.77 points, rising to 13,181.31 after 37.6 million shares worth $138.2m traded.
The S&P/NZX 20 index closed at 7,585.83 points, up 0.31%, while the S&P/NZX 10 index ended the day at 12,705.89, rising 0.39%.
There were 68 gainers and 68 decliners on the main board.
Craigs Investment Partners investment director Mark Lister said the NZ market was flat for the day, flat for the week and flat for the year.
“There’s not a lot happening. It was a bit of a cautious handover from Wall Street, just off ever so slightly, which is entirely understandable because it’s been such a cracking run for the US market. A breather is not unexpected or unusual,” Lister said.
KMD Brands positives
KMD Brands, which owns Kathmandu, Rip Curl and Oboz, released its 2025 full-year results, largely in line with market expectations.
The group reported total sales of $989m, up 1% from the year prior at $979.4m, but posted a statutory $93.4m loss.
Lister said it was a soft result, which was in line with guidance, but there were positives if investors looked hard enough.
“They haven’t issued any guidance for 2026, but August sales saw a healthy increase on the same period a year ago, up 10.5%," he said.
“Those numbers are positive, one would think, so a few good signs coming through that will hopefully point to a brighter period ahead.”
KMD Brands' share price rose 6.52% to $0.24 after 655,997 shares changed hands on turnover worth $163,538.84.
FSF price lift
Elsewhere, the Fonterra Shareholders’ Fund's share price lifted 6.04% or 45c to $7.90 ahead of the co-op’s result.
Lister put the performance down to the expectations of a solid result due on Thursday, noting that its share price has increased by roughly 50% in the past year alone.
Infratil had its share price rise late in the day, following an announcement that CDC Data Centres had secured about 100MW of new contracted capacity.
Infratil’s share price rose 1.14% or 14c to $12.39 after 695,203 shares changed hands on turnover worth $8.5m.
The market’s largest inhabitant, Fisher & Paykel Healthcare, also rose late in the session, rising 1.07% or 40c to $37.80 on turnover worth $34.99m.
Reserve Bank news
Finance Minister Nicola Willis also ended speculation by confirming Swedish economist Dr Anna Breman had been appointed the new governor of the Reserve Bank of NZ (RBNZ).
“Christian Hawkesby has done a great job holding the fort, and he’ll be there for a little bit longer to ensure that there’s a seamless handover.”
“The new governor is very credible and has the right skill set, so I think the market will be happy with that appointment. Although I don’t think it really changes the short-term outlook for the Reserve Bank.”
Bull run fatigue
Wall Street’s bull run showed signs of fatigue on Tuesday (US time) as major indices retreated from records on drops by Amazon, Nvidia and other tech giants.
The pullback followed comments from Federal Reserve chair Jerome Powell, warning that cutting interest rates “too aggressively” could stoke inflation, while the central bank boss also emphasised the need to try to prevent the labour market from softening “unnecessarily”.
The Dow Jones Industrial Average finished down 0.2% at 46,292.78.
The broad-based S&P 500 declined 0.6% to 6,656.92, while the tech-rich Nasdaq Composite Index dropped 1.0% to 22,573.47.
– Additional reporting AFP
| « NZX sits out tech rally, trades flat | NZ sharemarket falls despite positive Fonterra result » |
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