Infratil powers NZX50 higher; kiwi rallies on jobs growth
Gentrack extended its slump.
Wednesday, May 6th 2026, 7:11PM
by Paul McBeth
Infratil led the S&P/NZX 50 index higher after the infrastructure investor’s CDC unit announced a major contract, spurring the company’s biggest one-day gain since December 2020.
Stock markets across Asia were broadly stronger after US President Donald Trump paused the naval operation guiding ships through the Strait of Hormuz to try to get Iran back to the negotiating table, providing another tailwind to the kiwi dollar after Statistics New Zealand figures showed the unemployment rate eased in the first three months of the year.
The Reserve Bank’s latest financial stability report showed New Zealand’s financial system remained in good heart, with the banking sector well placed to support customers through the current energy shock and potential economic downturn.
Meanwhile, Gentrack extended its sharp decline after cutting its earnings and revenue outlooks for the year as it competes more aggressively for customers.
Back on the rise
The NZX50 climbed 109.5 points, or 0.8%, to 13,145.19, with 22 gainers, 22 decliners, and six stocks unchanged. The S&P/NZX 20 index futures contract for June rose 1.1% to 7504, with 70 lots traded on a turnover of $524,000, while the NZX20 advanced 1.1% to 7,470.46.
Turnover across the main board was $170.7 million, of which Infratil accounted for $30.9 million as it surged 13% to a record $14.55. The company’s CDC investment signed a 555 megawatt data centre contract with a US customer, which will come on stream in the March 2028 and 2029 years, which will boost the data centre company’s earnings to more than A$1 billion from the first year.
“The NZX was an interesting place today, and really determined by Infratil and its announcement about the large contracted capacity expansion for a number of its data centres in Australia,” said Oliver Mander, chief executive of the New Zealand Shareholders’ Association. “Infratil is the millionaire’s factory doing what it does best – picking those big themes at the right time.”
Dual-listed Infratil also topped Australia’s S&P/ASX 200 index, which was up 1.2% in late trading, with stock markets across Asia generally buoyed by US
President Trump’s softening stance to push for a negotiation with Iran. Brent crude oil futures were down 1.2% at US$108.56 at 5.45pm in Auckland, while Japan’s Nikkei 225 gained 0.4% and Hong Kong’s Hang Seng was up 0.9%.
More power
Energy companies were among the day’s gainers on the NZX, with Meridian Energy advancing 1.9% to $5.91, Genesis Energy increasing 1.2% to $2.48, Vector gaining 1% to $5.01, Mercury NZ increasing 0.3% to $6.80 and Contact Energy unchanged at $9.79.
Vulcan Steel climbed 4.9% to $6.45 and Ryman Healthcare increased 3.7% to $47.50, while the dual-listed banks were both stronger as Westpac Banking Corp rose 4.4% to $47.50 and ANZ Group Holdings advanced 2.6% to $45.05.
The Reserve Bank’s financial stability report today reaffirmed the nation’s stable financial system, noting the well-capitalised banks’ ability to help customers through a potential economic downturn.
That came hot on the heels of earnings from ANZ, Bank of New Zealand-parent National Australia Bank and Westpac, which all increased credit provisioning due to the Middle East conflict.
The kiwi dollar jumped to 59.46 US cents at 5.45pm from 58.57 cents yesterday as Trump’s comments and a lower unemployment rate of 5.3% in the March quarter spurred the currency higher.
Michael Gordon, a senior economist at Westpac NZ, said the jobs figures wouldn’t give the Reserve Bank much to ponder ahead of its review later this month, with evidence already showing the recovery was gaining momentum before the Middle East conflict.
“At the least, the RBNZ can conclude that we came into this shock with a labour market that was starting to improve but still had a substantial degree of slack, a notable contrast with our Australian cousins,” Gordon said in a note.
Exporters were mixed, with Ebos Group slipping 2.5% to $21.26, a2 Milk Co declining 2.3% to $7.95 and Fisher & Paykel Healthcare falling 2.1% to $35.75, while Skellerup Holdings rose 1.2% to $5.95 and Sanford increased 0.7% to $7.65.
Gentrack posted the sharpest decline on the day, down 6.6% to $3.68, adding to its 35% slump on Tuesday when it warned of a softer revenue and earnings outlook for the rest of the year as it beefs up efforts to win customers.
Channel Infrastructure rose 1.7% to $3.07 after telling shareholders at today’s annual meeting that the expanded diesel storage at the Marsden Point import terminal was on track for completion by the end of the month, and lifted its annual earnings guidance by $2 million.
Chair James Miller also said that while the company didn’t have plans to raise capital, if it does so to pursue growth opportunities – it’s a rumoured potential bidder for Exxon Mobil’s local assets – it would seek to do so on a pro-rata basis.
Outside the benchmark, shares of Locate Technologies were halted by NZ RegCo pending further details about a three-year agreement with software and Bitcoin firm signed with FedEx Australia.
Paul is a staff writer for Good Returns based in Wellington.
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