Dual-listed NZ heavyweights slide on ASX in King’s Birthday holiday
The kiwi dollar pushed to a two-month high against the Aussie.
Monday, June 1st 2026, 5:51PM
by Paul McBeth
Dual-listed New Zealand heavyweights including Fisher & Paykel Healthcare, Infratil and Auckland International Airport were among the day’s decliners on the ASX as the long King’s Birthday weekend kept the local market closed.
Stock markets across Asia were mixed as oil prices recovered as the world still awaits a lasting ceasefire between the US and Iran, although tech remained well bid and SoftBank toppled Toyota as Japan’s most valuable company, while Black Pearl Group, Eroad, and ikeGPS rallied in Australia.
The kiwi dollar touched a two-month high against its Aussie counterpart as the prospect of the Reserve Bank of New Zealand shifting up a rate-hiking gear came as tamer inflation cooled expectations for Australia’s central bank, before the local currency gave back those gains.
Meanwhile, the Ministry of Business, Innovation and Employment’s latest fuel stocks figures showed they remained well above minimum requirements, with dips in petrol and diesel inventories, while jet fuel rose.
A long weekend
New Zealand markets were closed for the long King’s Birthday weekend, which included knighting Te Akau Racing principal David Ellis, in a mixed day across Asia.
Tech stocks remained in favour, with South Korea’s Kospi surging 4.6% in late trading, while SoftBank overtook Toyota to become Japan’s most valuable company as the Nikkei 225 rose 0.9%.
Australia’s S&P/ASX 200 index was more muted as Brent crude oil futures rose 2.1% to US$92.99 a barrel at 5pm in Auckland. The ASX200 was down 0.1% in late trading, having gained 0.8% in May, lagging behind the 2.6% gain for New Zealand’s S&P/NZX 50 index.
The Polymarket prediction market was pricing in a 28% chance of a lasting peace between the US and Iran by the end of June and a 40% chance by the end of July.
Dual-listed heavyweights were broadly weaker across the Tasman, with a2 Milk Co sliding 5.4% to A$5.08 in late trading, while Fisher & Paykel Healthcare dipped 2.1% to A$30.515, Infratil declined 1.1% to A$12.99 and Auckland International Airport decreased 1% to A$6.78.
Smaller New Zealand tech stocks joined the regional rally, with Black Pearl climbing 3.5% to 60 Australian cents in late trading, while ikeGPS gained 0.5% to 98 Australian cents and Eroad gained 2.3% to 88.5 Australian cents. Vista Group International was unchanged at A$2.17, while Gentrack dipped 0.3% to A$3 and Serko declined 1.5% to A$1.30.
Summerset Group Holdings was one of the stronger dual-listed performers, jumping 5.9% to A$6.67, while KMD Brands climbed 11% to 7.3 Australian cents.
Two directions
The kiwi dollar traded at 59.69 US cents at 5pm in Auckland from 59.59 cents last week, and was at 83.04 Australian cents from 83.18 cents last week, having touched a two-month high 83.47 cents during the day.
The diverging tracks of the trans-Tasman central banks had pushed the kiwi to a 13-year low against the Australian dollar, but tamer inflation has eased expectations for the RBA to hike as aggressively as previously predicted, while the RBNZ signalled hikes are on the way after keeping the official cash rate at 2.25% last week.
New Zealand markets reopen on Tuesday, following Wall Street, where futures are pointing to a 0.3% gain for the S&P 500 when trading opens in New York. The major US indices were broadly stronger on Friday, closing out a strong month with the S&P 500 up 5.2% in May, the Nasdaq Composite advancing 8.4% and the Dow Jones Industrial Average rising a more modest 2.8%.
Bevan Graham, economist at Salt Funds Management, said the coming week would be a quieter affair than last week when the Reserve Bank’s monetary policy statement and the government’s budget were released, with March quarter constructive activity and terms of trade on the calendar.
“Overseas, markets will remain attuned to developments with respect to any peace deal to end the war in Iran and implications for the flow of traffic through the Strait of Hormuz,” Graham said in a note.
Paul is a staff writer for Good Returns based in Wellington.
| « NZX50 enjoys best month since September as Vista recovers, Infratil surges | Deal day in NZ as Heartland buys TSB, Green Cross sells The Doctors » |
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