NZX50 slides 0.9% in January as tech stocks falter, a2 Milk sinks
The benchmark ended the month on a more pleasant note.
Friday, January 30th 2026, 6:32PM
by Paul McBeth
New Zealand’s S&P/NZX 50 index dropped 0.9% in its worst month since April as tech stocks Vista Group International and Gentrack were the hardest hit by the growing fears of early interest rate hikes by the Reserve Bank, while a2 Milk Co was knocked by a resurgent kiwi dollar.
Still, the benchmark capped off the soft month on a high, outperforming most of Asia as heavyweights Auckland International Airport, Infratil and Fisher & Paykel Healthcare buoyed the index while markets across the region fell as gold miners were sold off and tech stocks rattled by Microsoft’s disappointing earnings on Wall Street.
Retailers were broadly stronger on the day after ANZ’s latest consumer confidence survey showing households are increasingly thinking it’s a good time to buy big ticket items, with KMD Brands, Briscoe Group and Warehouse Group all on the green side of the ledger.
And Trade Window Holdings dropped to a four-month low after the cross-border software develop trimmed its outlook for revenue growth after some softness in the December quarter.
An upbeat end to the month
The NZX50 rose 74.57 points, or 0.6%, to 13,423.18 on Friday – the last day of the month – with 29 stocks gaining, 13 declining and eight unchanged. Turnover across the main board was $188 million, with Fisher & Paykel Healthcare accounting for $36.2 million of that as it rose 0.5% to $38.91.
The stronger end to the month limited the January decline to 0.9%, as a faster pace of inflation than anticipated stoked expectations the Reserve Bank will have to raise the official cash rate later this year.
Tech stocks were the hardest hit, with cinema analytics firm Vista Group International sinking 28% in the month to end January at $1.84, its lowest level since May 2024, while Gentrack dropped 9.4% to close the month at $7.63. Vista has also had to contend with Netflix’s pursuit of Warner Bros Discovery’s studios and streaming businesses seen as posing a threat to the global box office sector.
Meanwhile, a2 Milk was down 8.4% in the month, ending January at $9.87, with the infant formula exporter’s earnings crimped by a resurgent currency, with the kiwi on track for a 5.1% gain against the greenback. It dipped to 60.45 US cents at 5pm in Auckland from 60.81 cents yesterday.
“The New Zealand/US rate has been tracking higher of late and that’s around interest rate differentials,” said Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene.
“The Fed is sitting on its hands and still in easing mode – whether that’s this year or not we’ll see – and we’re lifting rates, and that will tend to drive the currency in the near term.”
Port of Tauranga was the pick of the top 50 for January, rising 3.9% across the month to close at $8.01, while Turners Automotive Group gained 3.7% to $8.60 and F&P Healthcare rose 3.1% in the month.
Not so bad
The local benchmark was one of the stronger performers across Asia on Friday as the soft lead from Wall Street set a downbeat tone, while a whippy gold price stalled gains among mining stocks. Australia’s S&P/ASX 200 index fell 0.7% in late trading on Friday, while Japan’s Nikkei 225 slipped 0.2% and Hong Kong’s Hang Seng dropped 1.8%.
Property for Industry led the NZX50 higher, up 2.2% at $2.28, while apple exporter Scales Corp advanced 2.1% to $5.75 and Summerset Group Holdings advanced 2.1% to $11.57.
Auckland International Airport buoyed the index as it rose 1.6% to $8.26, while Infratil advanced 1.8% to $11.08.
Retailers were broadly stronger after the ANZ Roy Morgan consumer confidence survey showed a lift in household sentiment, with a net 1% of respondents saying it’s a good time to make a big ticket purchase – the first time that gauge has been in positive territory in almost four years.
KMD Brands rose 1.9% to 27.5 cents and Briscoe Group advanced 1.8% to $4.99, while Warehouse Group gained 1.4% to 73 cents. Hallenstein Glasson Holdings was unchanged at $9.90, and Michael Hill International gave back some of this week’s gains, falling 2.1% to 47 cents.
Outside the benchmark index, TradeWindow dropped 10% to 26 cents after the cross-border software developer dialled back its forecast annual revenue growth on weaker volumes from major primary industry exporters.
Meanwhile, Manuka Resources dropped 15% to 23 cents after releasing its latest mine plan for the Cobar Basin silver and gold site in New South Wales. The junior mining stocks were knocked by the sharp reversal in gold prices, with futures down 2.8% at US$5,209 an ounce at 5pm in Auckland.
Santana Minerals fell 6.8% to $1.235 and Minerals Exploration slipped 3.5% to 27.5 cents, while New Talisman Mines dropped 14%, or 0.3 of a cent, to 1.9 cents.
Paul is a staff writer for Good Returns based in Wellington.
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