NZX50 gains lag Asia as BHP reclaims top spot on ASX
Surging gold prices didn’t take the sheen off Michael Hill’s earnings upgrade.
Tuesday, January 27th 2026, 6:34PM
by Paul McBeth
New Zealand’s S&P/NZX 50 index lagged behind the rest of Asia as heavyweights Infratil and Meridian Energy buoyed the local benchmark in a flurry of trading at the end of the day.
Gold prices remained elevated after breaking through the US$5,000 an ounce barrier, helping propel mining giant BHP back to the top of the ASX, while junior miner Santana Minerals clawed back some of Monday’s losses amid fears over its consenting process.
The rise of precious metals didn’t take the sheen off Michael Hill International’s upgraded earnings, as the jewellery maker maintained margins through the second half of 2025 as the retailer enjoyed sales growth across all its regions.
And Kiwi Property Group sold its ASB North Wharf site on Auckland’s waterfront to Precinct Properties NZ and Singapore’s GIC for $205 million, a few months after the bank extended its lease on the site for another nine years.
Still up
The NZX50 rose 50.14 points, or 0.4%, to 13,510.88, with 25 stocks gaining, 21 declining and four unchanged. Turnover across the main board was $119.9 million, of which Fisher & Paykel Healthcare accounted for $15.8 million as it slipped 0.6% to $38.70.
Infratil led the benchmark higher, up 3.2% at $11.15, while Meridian Energy’s 2% gain to $5.71 helped buoy the index.
The a2 Milk Co rose 2.4% to $9.79 as Danone’s shares tumbled overnight after the French food giant recalled a number of infant formula batches from several markets over contamination fears. Fonterra Shareholders Fund units increased 0.2% to $8.19.
The local market lagged behind much of Asia as mining stocks spurred on Australia’s S&P/ASX 200 index to a three-month high, with the bourse up 0.9% in late trading. BHP climbed 2.4% as it reclaimed the top spot as Australia’s most valuable company, eclipsing Commonwealth Bank of Australia, which was up 0.6%.
Gold futures tempered their gains, dipping 0.3% to US$5,069 an ounce at 5pm in Auckland. The NZX's junior miners were mixed as Santana Minerals climbed 6% to $1.23 and Minerals Exploration gained 3.5% to 30 cents, while Manuka Resources fell 1.9% to 26.5 cents, and New Talisman Gold Mines dipped 4.4%, or 0.1 of a cent, to 2.2 cents.
"The gold rally has been going on for a while now, with geopolitical tensions or just the fact that Trump’s in power and there may have been potentially Treasuries that were sold and put into gold as well,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “Aussie’s market has done well, hitting a three-month high.”
Still to come
Australian inflation figures on Wednesday will be the main event for the week across the Tasman, with expectations mounting that the Reserve Bank of Australia will hike its target cash rate next week, while four of the Magnificent 7 mega-tech stocks are reporting in the US and the Federal Reserve is also reviewing policy this week.
The kiwi dollar pared some of its overnight gains against the greenback, trading at 59.68 US cents at 5pm in Auckland from 59.59 cents yesterday, and was at 86.29 Australian cents from 86.22 cents.
Back on the NZX, Vista Group International posted the biggest decline on the top 50 index, falling 2.9% to $1.99, while SkyCity Entertainment Group slipped 2.1% to 95 cents and Gentrack decreased 1.9% to $7.85.
Spark New Zealand was the most heavily traded stock on the top 50 with a volume of 1.6 million shares as it rose 0.9% to $2.27, while Pacific Edge had 1.7 million shares as they jumped 9.6% to 20 cents.
Kiwi Property Group slipped 0.5% to $1.03 after selling its ASB North Wharf site to Precinct Properties and GIC for $205 million, just below book value. Precinct’s shares rose 0.9% to $1.115.
Meanwhile, Sky Network Television increased 0.3% to $3.39 after extending its content partnership with US media group Paramount, while Freightways advanced 1.7% after state-owned NZ Post – which competes with the company’s DX Mail unit – confirmed plans to shrink its urban footprint.
Outside the benchmark, Michael Hill International jumped 12% to 46.5 cents after saying it expects to report a 12% lift in first-half earnings, with increased sales across all its regions, including the problematic New Zealand home market.
Paul is a staff writer for Good Returns based in Wellington.
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