NZ sharemarket edges higher in quiet pre-Christmas trading session
The New Zealand sharemarket ended on a slightly firmer note after a very thin, shortened pre-Christmas session.
Wednesday, December 24th 2025, 6:21PM
by BusinessDesk
The S&P/NZX 50 Index ended 11.33 points or 0.08% higher at 13,529.06, but off its highs for the day.
Turnover was very light with just 12.7 million shares, worth $39.7m, trading.
There were 68 gains and 56 falls on the main board.
In the US, markets were subdued, even after the release of official data showing real GDP increased at an annual rate of 4.3% in the third quarter of 2025 – well above market expectations.
The S&P 500 Index ended 29.42 points up at 6,907.91, while most other US indices were flat.
US data
Craigs Investment Partners investment director Mark Lister said the positive US data, which built on this month’s official rate cut from the Federal Reserve and a better-than-expected inflation outcome, were positives for US markets.
“It doesn’t make for a bad backdrop for the world’s biggest economy, and the same for us too,” Lister said.
Domestically, it was a mixed bag for the market’s big three, with Fisher & Paykel Healthcare gaining 6c at $37.86, Auckland International Airport rising 2c to $8.28, and Infratil trading flat at $11.31.
Together, the big three account for about 34% of the S&P/NZX 50 index.
F&P Healthcare had a middling 2025 due to trade issues in North America, its largest export destination.
“It’s pretty hard for our market to fire when a stock as dominant as Fisher & Paykel Healthcare isn’t,” Lister said.
2026 looking better
Locally, last week’s better ANZ business confidence survey, a higher-than-expected GDP outcome for the September quarter, and this week’s free trade deal with India, all made for a positive outlook for 2026, Lister said.
“Borrowing costs are still looking solid, the housing market is stable, and I think corporates are feeling much better about the year ahead,” Lister said.
The market, with two and a half trading days to go to the end of 2025, has gained just 3.3% on the S&P/NZX 50.
“It’s been pretty subdued, really, particularly compared to all of those other markets around the world,” Lister said.
“That’s largely a reflection of the challenging economic backdrop that we’ve faced this year and over the last few years, and that’s well below the long-term average annual return,“ Lister said.
“I wouldn’t be surprised if you see a bit more strength to close out the year.
“We’ll go along for the ride because there’s nothing to follow other than those offshore leads; it’ll still be a fairly muted year.”
Outside the top three stocks, dual-listed infrastructure services firm Ventia gained 12c to $7.07 after announcing that it had been awarded a New South Wales Government cleaning contract in the Western Sydney region, worth A$100m (NZ$115m).
Elsewhere, travel booking and expense management firm Serko dropped 8c to $3.01.
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