NZ sharemarket down 0.5% amid PGW shuffle

Longstanding rural services company PGG Wrightson had a surprise boardroom upheaval as the New Zealand sharemarket slipped for the third day running.

Tuesday, October 14th 2025, 7:07PM

by BusinessDesk

The S&P/NZX 50 Index ignored a strong bounce-back on Wall Street and closed at 13,276.99, down 74.93 points or 0.56%. The index has fallen 2.18% over the last three trading days, and is now 1.3% ahead for the year.

There were 70 gainers and 69 decliners on the main board on volumes of 45.5 million share transactions worth $137.9m.

The US markets recovered more than half of their previous losses after President Donald Trump moderated his tone on the China trade dispute and signalled room for negotiation ahead of the Nov 1 tariff deadline.

The Dow Jones Industrial Average was up 1.29% to 46,067.58 points; the S&P 500 increased 1.56% to 6,654.72; and the Nasdaq Composite rose 2.21% to 22,694.61. AI stocks again led the rebound.

‘Fluctuations in the US’

Matt Goodson, managing director of Salt Funds Management, said the local market felt a little uncertain.

“We have had a couple of random and aggressive up and down days in the US.

“You almost need to have the Truth Social feed on, rather than Bloomberg, to see what is happening on the market. Maybe, the fluctuations in the US have taken the gloss off the sharper-than-expected 50 basis points cut in the official cash rate back home,” Goodson said.

PGG Wrightson went into a trading halt after the independent chair, Garry Moore, and deputy chair, Sarah Brown, were ousted at the annual meeting. A third director, Meng Foon, did not stand for re-election.

A NZX notice said PGG’s two largest shareholders (Agria Singapore and Elders Australia) voted against re-electing Moore and Brown without outlining any reasons. The voting was 14.5% for and 85.5% against.

Another existing director, Wilson Liu, was re-elected with a vote of 99.7% but it left PGG with only three directors – not enough to meet NZX listing requirements. PGG said it was considering the relevant implications and was seeking legal advice while assessing arrangements to appoint additional directors.

PGG Wrightson was down 5c or 1.96% to $2.50 before it went into the trading halt. Later in the day, a former director, John Nichol, was reappointed to the board so the company could meet listing requirements and resume trading.

Other stocks

Precinct Properties, down 9c or 6.77% to $1.24, completed its $285m institutional placement at $1.23 a share and is now raising a further $25m through a share purchase plan.

The sizable capital raise slowed the recent rise of the property sector, which fell 3.6% on the NZX.

Fellow property stocks Goodman Trust declined 7c or 3.17% to $2.14; Stride decreased 4c or 2.7% to $1.44; Kiwi was down 3.5c or 3.2% to $1.06; Investore eased 3c or 2.38% to $1.23; and Vital Healthcare Trust was down 6c or 2.62% to $2.23.

Global automation and robotics company Scott Technology surged 35c or 14.4% to $2.78 after announcing $44m worth of new contracts with multi-national appliance manufacturers in the United States and Brazil. Scott will deliver large-scale automation systems for the precision manufacture of household laundry appliances.

Genesis Energy was up 4c to $2.50 after upgrading its full-year operating earnings (ebitdaf) guidance to $455m-$485m, from $430m-$460m. First-quarter operational performance was strong due to favourable hydrology and wind outcomes that continued into the second quarter.

Mercury declined 16c or 2.43% to $6.43. Meridian, up 5c to $6.04, reported national hydro storage increased from 79% to 110% of the historical average in the month to Oct 6. South Island storage was at 107% and North Island 118%.

First-quarter inflows were 120% of the historical average, 18% lower than the same period last year, and generation was 15.1% higher at a 56.9% lower average price.

Meridian’s retail sales volumes in September were 18.5% higher than the same month last year, with residential up 32% (including Flick customers). Compared with the first quarter last year, Meridian’s sales volumes were 13.5% higher, and customer numbers increased 211.1%.

Tags: Market Close