NZ stocks end firmly as outlook brightens
The New Zealand sharemarket ended strongly as investors anticipated better things to come on the back of an improved reporting season and lower interest rates.
Friday, November 28th 2025, 6:33PM
by BusinessDesk
The S&P/NZX 50 Index closed 56.95 points or 0.42% higher at 13,489.15, with 35.48 million shares, worth $130.4 million trading.
There were 81 gains and 56 falls on the main board.
Across the Tasman, the S&P/ASX200 index was flat late in the NZ day and markets globally were subdued because of the US Thanksgiving holiday.
With the September reporting season now out of the way, Harbour Asset Management portfolio manager Shane Solly said the market was starting to anticipate better things to come.
Anticipating better things
The Reserve Bank this week cut its Official Cash Rate to 2.25% and forecast GDP growth of 2.8% for 2027 and 3.1% for 2028 (March years).
Solly said the market had a much-improved tone.
“We’ve just come through a profit reporting season for the September period and we’ve actually seen more earnings ‘beats’ against expectations than ‘misses’, and so we’ve seen more profit upgrades,“ he said.
“I’m not saying it’s off to the races – not yet – but it’s better directionally, and we haven’t had that for a long time,” he said, adding the market had endured three long years of negative earnings revisions.
Solly said annual GDP growth of around 3%, as forecast by the Reserve Bank, would be a good outcome, particularly against the backdrop of no population growth.
He noted consumer confidence – as measured by ANZ Roy Morgan – had lifted to its highest level since June, with more households expecting to be better off in a year.
Solly said talk in the market was whether there would be a “Santa” rally going into Christmas, as is often the case, but added much depended on whether the US Federal Reserve cuts its fed funds rate on Dec 18 (US time).
Infratil gains
Among the big cap stocks, Infratil gained 28c to $11.67 on the back of data from the Australian Bureau of Statistics (ABS) showing new capital expenditure rose 6.4% in the September quarter.
“The lift in investment was the result of a large rise in spending on datacentres, and investment in air transport,” the ABS said.
Infratil owns 48% of Canberra-based CDC – the largest privately owned and operated datacentre business across Australia and New Zealand.
Fisher and Paykel Healthcare continued to gain after reporting a strong first-half result this week, firming 45c to $37.30.
Ebos rallies
Among the other heavyweights, the previously out of favour Ebos rallied by 55c or 2% to $28.50, while Mainfreight gained $1.60 to $67.20, up 2.4%.
Infrastructure software specialist Gentrack gained 36c to $10.75 before its investor day in Sydney on Monday.
Ryman gave up some post-result gains to end 1c down at $2.91 while Vulcan Steel dropped 23c or 2.8%to $8.00.
Among the small caps, New Talisman Gold Mines (NTL) traded at 4c a share before the company went into a trading halt pending the possible addition of a new investor.
“The NTL board must meet to consider the company’s current financial position and its strategic path forward,” NTL said.
“The board cannot reach a conclusion until it has heard from a potential investor who will advise us on their position early next week.”
| « Ryman and Tower lift but gentailers pull NZ sharemarket lower | NZ sharemarket starts December down 0.3% » |
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