NZX50 closes at new record as heavyweights Infratil, F&P recover
US President Donald Trump’s push to cut credit card rates was felt Downunder.
Wednesday, January 14th 2026, 6:14PM
by Paul McBeth
New Zealand's S&P/NZX 50 index closed at an all-time as heavyweights Infratil and Fisher & Paykel Healthcare reversed morning weakness to end the day stronger as the benchmark joined global bourses in record territory.
The a2 Milk Co and Comvita gained after Chinese trade figures showed the world’s second-biggest economy’s imports climbed more than expected, even as the Asian powerhouse’s trade surplus continued to grow despite the US tariff regime.
Meanwhile, Heartland Group Holdings joined the Australian banks lower as US President Donald Trump’s campaign to cap credit card interest rates at 10% caused financial stocks to falter more broadly.
And construction materials firms and property developers were mixed after Cotality data showed the cost of building rose at a faster clip in the December quarter, while Statistics New Zealand figures showed growing numbers of new permits continue to support a recovery in the housing market, albeit not at the pace of the post-pandemic boom.
A new high
The NZX50 climbed 101.66 points, or 0.7%, to 13,757.71, eclipsing the record set last year. Within the index, 20 stocks gained, 20 declined and 10 were unchanged. Turnover across the main board was $120.9 million, of which Fisher & Paykel Healthcare accounted for $17 million as it gained 1.5% to $39.49.
Infratil led the benchmark index higher, up 2.8% at $11.60 as the heavyweight stocks buoyed gains, having reversed losses earlier in the session when New Zealand opened with a soft lead from New York.
Meanwhile, a2 Milk gained 2% to $10.85 after data showed Chinse imports climbed 5.7% in December from a year earlier, outpacing the 0.9% increase economists predicted. Comvita, which also counts China as an important market, rose 0.9% to 53.5 cents, while Fonterra Shareholders’ Fund units dipped 0.3% to $8.11.
Among other gainers, Vector advanced 2.7% to $4.980 and Spark New Zealand rose 2.7% to $2.32, while SkyCity Entertainment Group increased 2.7% to 97 cents on a volume of 2.9 million shares, the most for the day.
Markets across Asia were mixed, with Australia’s S&P/ASX 200 index marginally positive in late trading as gains among mining stocks were offset by a subdued financials sector, while Singapore’s Straits Times Index was fractionally weaker and Japan’s Nikkei 225 jumped 1.7%.
Asian markets had a soft lead from Wall Street as megabank JPMorgan Chase’s December quarter earnings fell short of analysts’ expectations, while US President Donald Trump’s call for credit card rates to be capped at 10% weighed more broadly on the sector.
Australian lenders were dragged down by the negative tone, with dual-listed Westpac Banking Corp falling 1.1% to $$44.38 on the NZX and ANZ Group Holdings slipping 0.5% to $42.07, while Heartland Group Holdings dropped 2.9% to $1.195.
Giving up rights
Tower posted the biggest fall on the day, sliding 5.9%, or 12.5 cents, to $1.995 after shedding rights to a 16.5 cents per share dividend.
Building materials firms were mixed after Cotality figures showed construction costs accelerated in the December quarter, while Stats NZ data reported swelling residential consents. Fletcher Building slipped 0.8% to $3.75 and carpetmaker Bremworth declined 2.6% to 76 cents, while Vulcan Steel gained 1.2% to $9, and Steel & Tube Holdings and Metro Performance Glass were unchanged at 67 cents and 4.7 cents respectively.
“While the lift in consents is encouraging news for our building sector, we don’t expect a return to the boom times that we saw in the wake of the pandemic,” Westpac NZ senior economist Satish Ranchhod said in a note. “Although low interest rates are supporting new development, population growth remains low and there have been sizeable increases in the housing stock over the past few years.”
Outside the benchmark index, Rakon edged up closer to the $1.55 takeover price mooted by suitor Bourns, rising 1.5% to $1.40 on an unusually large volume of 1.9 million shares.
Recruitment firm Accordant was unchanged at 27.5 cents after the latest Westpac McDermott Miller employment confidence survey showed households are less pessimistic about the jobs market, while Stats NZ’s November monthly employment indicator showed the most positive month since April 2023.
The kiwi dollar was little changed through the day, trading at 57.48 US cents at 5pm in Auckland from 57.40 cents at 7am, and down from 57.77 cents yesterday.
Reserve Bank governor Anna Breman earned a rebuke from foreign minister Winston Peters for joining other central banks in supporting US Federal Reserve chair Jerome Powell, who’s under increasing pressure from the White House to cut interest rates more aggressively.
Paul is a staff writer for Good Returns based in Wellington.
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