NZ sharemarket flat, up 0.01%
Seeka and PGG Wrightson provided some optimism for the economic recovery with earnings upgrades, helping fuel a decent turnaround in the New Zealand sharemarket.
Monday, December 15th 2025, 6:19PM
by BusinessDesk
The S&P/NZX 50 Index fell as low as 13,339.52 but staged a rebound in the afternoon to finish flat on 13,408.14, up 1.23 points or 0.01%.
There were 55 gainers and 83 decliners on the main board, with 35.5 million shares worth $123.9m changing hands in the run-up to Christmas.
'A stunning under-performance'
Matt Goodson, managing director of Salt Funds Management, said it was an okay performance for the local market, given the weak lead from the United States.
The NZX 50 has gained more than 2% this year and has been outstripped by the MidCap and SmallCap indices.
The NZX MidCap, for the next-largest stocks outside the top 10, has risen 18% so far this year, and the SmallCap has increased more than 28%.
“That’s quite a stunning under-performance by the top 10 names on the NZX,” Goodson said. “Certainly, the performance of the other indices is one of the most interesting features of this year.
“The MidCap comprises solid stocks that reflect the domestic economy, such as Mercury, Chorus, Summerset, Freightways and Port of Tauranga, and the index has priced in the impending economic rebound."
Economists are expecting a decent recovery in gross domestic product when the September quarter figures are released on Thursday.
ANZ expects the NZ economy to have grown 1% in the quarter ending September, significantly stronger than the Reserve Bank of NZ’s November forecast of 0.4%.
“The sectoral data released over recent weeks have exceeded expectations, leading us to revise up our forecast, previously 0.5%. Growth is coming from a low base, and the economy continues to operate with spare capacity,” ANZ said.
ASB said “we are hopeful that the December quarter, which we are in the last gasp of, will also prove to be strong, together cementing a strong finish to 2025 after a rocky 18 months for the economy.”
Meanwhile, the services sector in NZ deepened its contraction in November. The BNZ–BusinessNZ Performance of Services Index was 46.9 – 1.5 points lower than October, and the lowest level of activity since May.
The November result was also well below the average of 52.8 (more than 50 signals of expansion) over the survey's history.
In the United States, tech stocks with exposure to artificial intelligence again took a hit at the weekend (NZ time). The Nasdaq Composite fell 1.69% to 23,195.17 points; the S&P 500 was down 1.07% to 6,827.41; and the Dow Jones Industrial Average decreased 0.51% to 48 458.5.
The indices are still at record levels.
Local stocks
Back home, kiwifruit grower and packer Seeka rose 15c or 3.33% to $4.65 after upgrading its current year gross profit guidance to $44m-$48m, from $39m-$43m because of higher returns from sales and excellent performance in post-harvest. Seeka said the forecast earnings will be at record levels.
PGG Wrightson was up 3c to $2.20 after increasing its full-year operating earnings (ebitda) guidance to about $64m, from the previous $60m plus, and compared with $56.1m in the 2025 financial year.
The longstanding rural services company said the increase reflected the continued strength and resilience of the agricultural sector. While dairy commodity prices have softened in recent weeks, most farmers will head into the Christmas period with confidence, supported by strong farmgate returns across beef and sheep meat.
Utilities software company Gentrack slumped 36c or 3.93% to $8.79. Goodson said, “The stock is a plaything for Australian small-cap investors. Its volatility in relation to news flow is quite significant, and hopefully the share price will settle down one day.”
Freightways was down 20c to $13.75; Mercury Energy shed 13c or 2.05% to $6.21; Channel Infrastructure decreased 7c or 2.48% to $2.75; and Eroad declined 2c or 1.74% to $1.13.
Tourism Holdings was down 10c or 3.85% to $2.50; Vital Healthcare Property Trust declined 4c or 1.97% to $1.99; Scott Technology decreased 10c or 3.45% to $2.80; Third Age Health fell 26c or 3.54% to $7.09; and T&G Global was down 7c or 2.99% to $2.27.
Market leader Fisher & Paykel Healthcare gained 39c to $37.83; a2 Milk added 15c to $10.31; Summerset gained 14c to $12.39; Green Cross Health was up 5c or 4.76% to $1.10; and ikeGPS increased 5.0c or 4.81% to $1.090.
Payroll fintech company PaySauce went into a trading halt after announcing a $4m capital raise, comprising $3m institutional placement and $1m share purchase plan at 26c a share. PaySauce last traded at 28c.
The money raised will be used to fund PaySauce’s expansion into the Australian market, beginning in February.
| « NZ stocks eke out gain as investors tread water |
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