NZ stocks eke out gain as investors tread water
The New Zealand sharemarket managed to eke out a slight gain as investors continued to tread water before the end of the year.
Friday, December 12th 2025, 6:38PM
by BusinessDesk
The S&P/NZX 50 Index ended 11.04 points (0.08%) higher at 13,406.91, with 23.8 million shares, worth $92.1m, trading.
There were 84 gains and 48 falls on the main board.
New highs in the US
Wall Street’s Dow Jones Industrial Average and its S&P 500 reached new highs after the Federal Reserve cut its interest rate. Still, results from tech giants Oracle and later semiconductor firm Broadcom dampened the mood.
“They (Oracle and Broadcom) are very linked into this artificial intelligence (AI) capital investment bubble that some people are worried about, and Broadcom is exposed just like Oracle is,” Harbour Asset Management portfolio manager Shane Solly said.
Broadcom’s fourth-quarter result was very strong, but the stock was sold off because the market was disappointed that its AI-related earnings outlook did not match investors’ extremely high expectations.
Manufacturing monitor positive
Locally, the market took some heart from the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI), which hit 51.4 in November.
A reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining.
“People are saying the economy is getting better, directionally, and that’s what we heard to a degree from the September reporting season,” Solly said.
“Things are getting better, but are not ripping away yet.”
As for corporate earnings, investors with December balance dates will have to wait until February for any clues as to where things stand, with perhaps a few “confessions” in January.
“It’s all sort of building up, and we’re getting data points that are showing us there are signs of improvement,” Solly said.
Among the banks, ANZ firmed 78c to $41.41 after announcing that it would “vigorously” defend action commenced by former CEO Shayne Elliott in the NSW Supreme Court over remuneration outcomes in the 2025 financial year.
Cash-strapped mānuka honey Comvita gained 2.5c to 53c after advising the market that it had secured support from its bankers and that it would require a $25m capital raise.
The financing extension follows a failed attempt by Florenz – a unit of Christchurch-based Masthead, the investment vehicle of the Stewart family – to take the company over at 80c a share.
Ryman gains
Among the bigger stocks, retirement village company Ryman gained 7c to $2.95.
Solly noted that chief executive Naomi Jones had bought another 87,000 Ryman shares, taking her stake to 264,477, which he said should be taken as a vote of confidence in the stock.
Clothing retailer Hallensteins firmed by 30c or 3% to $10.20 after its upbeat sales report earlier in the week.
Tourism Holdings slips
Tourism Holdings – which initially firmed after announcing it was going to close the Australian manufacturing business – lost 8c to $2.60.
“While that closure was helpful for earnings, they do actually need to see inbound travel numbers to continue to support demand,” Solly said.
Port of Tauranga (POT) gained 8c to $7.58.
Research firm Morningstar, citing improved consumer confidence data for November, upgraded its annual net profit outlook for POT by 5% to $144m, in the top half of the company’s own $137m to $147m guidance range and 14% above last year's.
“Stronger household spending will likely support New Zealand’s broader economic activity and lift trading volumes at the port, especially imports,” Morningstar said.
| « Retirement stocks benefit on quiet day for NZ sharemarket |
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