Nvidia earnings boost global markets as NZ sharemarket closes up

The New Zealand sharemarket reversed Wednesday’s losses and closed higher, with My Food Bag rallying on a positive half-year result while a2 Milk faltered after its annual shareholder meeting.

Thursday, November 20th 2025, 7:54PM

by BusinessDesk

But all attention was overseas with Nvidia, after the company posted above-expected earnings, defying predictions of an AI bubble.

The S&P/NZX 50 Index closed up 0.84% or 112.50 points to 13,439.40 after 30.1 million shares worth $117.9m were traded.

The S&P/NZX 20 index was up 0.83%, closing at 7,682.31 points, while the S&P/NZX 10 index ended the day at 12,803.77 after rising 0.78%.

There were 101 gainers on the main board and 40 decliners.

Positive day

Hamilton Hindin Greene investment adviser Jeremy Sullivan said markets were having a positive day, largely across the board, as results from Turners Automotive Group, My Food Bag and Goodman Property Trust made their impact.

“I think the main global story has to be Nvidia, and that’s flowed through to the likes of Infratil with their data centres here in New Zealand,” Sullivan said.

“Revenue of US$57 billion [NZ$101.6b] for the quarter, data centre revenue up 66% year on year and GPUs are sold out. It’s fair to say that Nvidia remains the central bottleneck and beneficiary of a global AI investment, and there’s no sign of slowing demand there.”

Infratil’s share price lifted 3.46% or 40c to $11.95 on turnover worth $6.8m following Nvidia’s result.

Food Bag appetising

Elsewhere, My Food Bag reported revenue growth of 3% to $85.4m in its half-year result, although net profit dipped slightly to $2.9m.

“More of an incremental improvement story, with modest growth, customer gains and lower debt. Not a high flyer by any means, but stabilising their business and finding their feet again.”

The market liked what it saw, with My Food Bag rallying 4% or 1c to $0.26 with 919,457 shares changing hands.

a2 Milk held its annual shareholder meeting and upgraded its FY26 revenue guidance due to stronger-than-expected trading in infant formula, other nutritionals, and milk, and a weaker NZ dollar.

“I think the key takeaway for them is just after several years of volatility, a2 is showing signs of stabilised broad-based growth, and the upgrade wasn’t all currency driven, and the signals are there that demand is firming up better than the market expected.”

Sullivan said investors were hoping for more, with a2’s share price falling 0.47% or 5c to $10.70 on turnover worth $8.6m.

Turners gains traction

Meanwhile, Turners Automotive reported its first-half result, delivering a record profit of $21.9m despite subdued consumer conditions.

Sullivan said one interesting part of its update was the decline in automotive retailers in NZ, with the number of registered dealers at its lowest point since May 2012.

“As they grow, the competition’s shrinking, and the recent clean car discount changes from the Government are going to allow them to import a lot of their more traditional vehicles as well, all pointing to a pretty solid result from Turners.”

Turners’ share price lifted 0.78% or 6c to $7.77 on turnover worth $4.2m.

In the US markets, the Dow closed up 0.1% at 46,138.77, the S&P 500 closed up 0.4% at 6,642.19, with the Nasdaq Composite closing up 0.6% at 22,564.23.

– Additional reporting AFP

Tags: Market Close