Nvidia slump drags Wall Street and NZ sharemarket lower
A bad day on Wall Street after Nvidia’s result helped drive the New Zealand sharemarket down, but many stocks ended well off their lows.
Friday, November 21st 2025, 7:46PM
by BusinessDesk
The S&P/NZX 50 Index closed 20 points, or 0.15%, down at 13,419.40, with 37.2 million shares worth $137.9m trading.
On the day, there were 55 rises and 90 falls on the main board.
In the US, the Nasdaq Composite closed 2.2% lower, more than reversing an early 2% gain, while the benchmark S&P 500 index fell by 1.6%.
Chip maker Nvidia, a poster child for the AI boom, had initially rallied more than 5% after posting better-than-expected quarterly results, but ended the day down 3%.
Matt Goodson, managing director at Salt Funds, said the market was weaker but was faring better than many others.
Aussie also down
Late in the NZ day, Australia’s S&P/ASX 200 index was down 1.4%.
“There was a big intraday turn-down in the US, which was initially up quite strongly and then turned to finish down relatively hard,” Goodson said.
Nvidia questions
There was euphoria in markets on Thursday following the “headline” Nvidia result, Goodson said.
“The quality of the Nvidia result is coming into increasing question now, and the quality of their numbers is the big issue there,” he said.
A return to reality meant data centre stocks came under pressure, among them Infratil, which dropped 40c to $11.55.
Outside of the AI world, retirement village company Oceania dropped half a cent to 82c after reporting a $4.9m six-month profit against a loss of $17.1m a year earlier.
“They (Oceania) are slowly getting there, but their new sales were just a little bit behind the hopes of some of the bulls,” Goodson said.
“I think it’s probably going to be into next year, and hopefully a stronger housing market, before Oceania really starts to get stuck into its surplus stock."
Turners revs up
Turners Automotive gained 25c to $8.02 after reporting on Thursday a 13% increase in net profit for the first half, saying it was on track to report a record full-year, pre-tax profit of around $60m.
“The surprise was not so much in the result, but in the outlook comments where the potential for growth in their finance book was significantly above what market forecasts currently are, and at a capital impost that was below what people would have expected,” Goodson said.
F&P Healthcare down
Fisher and Paykel Healthcare (FPH), the market’s biggest stock, fell 26c to $36.88 before its first half result, due out on Wednesday.
The company’s guidance for the half is for revenue of $1.075 billion and net profit of $200m, implying growth of 3% and 31% respectively.
Software firm Gentrack gained 35c to $7.85 after announcing that its “g2″ platform had been selected to enhance operations and customer experience at Pennon Water Services, one of the UK’s leading business water and wastewater retailers.
This marks the first customer to adopt g2 in the UK, and the first g2 water implementation, Gentrack said. It is also due to report results on Monday.
Eroad fell 5.5c to $1.485 after reporting a $146m first-half net loss (from its year-ago $11m loss), driven by a $135m goodwill impairment.
Drug company AFT Pharmaceuticals was the best performer on the day, rising 35c or 10% to $3.75 after reporting a strong result this week.
Eyes on OCR announcement
Looking ahead, the market also has the Reserve Bank of NZ's official cash rate review on Wednesday to focus on.
A quarter-point cut to 2.25% is widely expected.
| « Nvidia earnings boost global markets as NZ sharemarket closes up | NZ sharemarket starts week up 0.6% » |
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