Sharemarket has best quarter since Dec 24; And in positive territory halfway through this year
The local bourse outperformed much of Asia in the last day of the quarter.
Tuesday, June 30th 2026, 6:39PM
by Paul McBeth
New Zealand’s S&P/NZX 50 index notched up a small gain so far this year after its best quarter since December 2024 as Infratil surged on the growing demand for artificial intelligence infrastructure.
Exporters such as Skellerup Holdings and the Fonterra Shareholders’ Fund were among those at the top of the leaderboard in the year to date, buoyed by a weak currency and a more settled Middle East, while retailer KMD Brands and software firms Gentrack and Serko have all more than halved in the past six months.
The NZX 50 was among the better performers across Asia on Tuesday as fruit exporter Scales Corp and electricity generator-retailer Mercury NZ led the benchmark higher, with weaker metal prices weighing on the resources-heavy ASX while a revival in the AI trade buoyed Japanese and South Korean markets.
Air New Zealand gained after outlining plans to return to profitability, while Auckland International Airport and Fisher & Paykel Healthcare dipped in heavy end-of-quarter trading.
The year so far
The NZX 50 rose 76.1 points, or 0.6%, to 13,621.66 on Tuesday, with 31 stocks gaining, eight declining, and 11 unchanged.
The benchmark climbed 5.5% in the quarter, its best performance since December 2024 and reversing its decline in the first three months of the year.
That took the year-to-date gain to 0.5%, with Infratil surging 39% so far in 2026 after the infrastructure investor’s CDC data centre business impressed in a fertile environment for AI infrastructure.
Skellerup gained 26% so far this year and Port of Tauranga advanced 15%, while Fonterra Shareholders’ Fund units were up 13% as a subdued kiwi dollar supported exporters in what’s been a strong period for primary industries. The kiwi traded at 56.48 US cents at 5pm in Auckland from 56.44 cents yesterday, and was down 1.9% so far this year.
Meanwhile, KMD sank 57% after shoring up the balance sheet at a steep discount, while Serko fell 52% and Gentrack dropped 54% as software firms fell out of favour amid fears AI threatened their business models.
Turnover across the NZX’s main board on Tuesday was $249.8 million in a heavy day as institutional investors tweaked their portfolios for the coming quarter. Of that, Auckland Airport accounted for almost $51 million as it fell 1.7% to $8.35 on the biggest volume of the day, with 6.1 million shares traded.
F&P Healthcare slipped 0.5% to $39.01 on a turnover of $40.2 million.
The S&P/NZX 20 index futures contract for September rose 1% to 7,690 with 81 lots traded for a value of $622,000, while the NZX 20 gained 0.6% to 7,710.51.
Markets across Asia were mixed, with Australia’s S&P/ASX 200 index down 0.2% in late trading and Hong Kong’s Hang Seng sliding 1.3%, while Japan’s Nikkei gained 1.6% and South Korea’s Kospi jumped 2.9%.
Not so glum
ANZ’s monthly business confidence survey showed firms were more optimistic about the economic outlook and their own outlook, while also paring back their pricing intentions.
“Business confidence improved in New Zealand and there does seem to be a little more confidence with what’s happening in the Middle East,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “There’s a bit of calm in the market.”
Freightways, which is often seen as a barometer for the local economy, gained 2.3% to $13.91, while Port of Tauranga advanced 2.3% to $8.90.
Scales led the benchmark index higher, climbing 4.4% to $6.47, while Mercury advanced 3.5% to $6.90.
Oceania Healthcare gained 2.7% to 76 cents after lodging its notice of meeting, with a shareholder resolution seeking an independent strategic review to help bridge the gap between the share price and the firm’s net tangible assets.
Air NZ gained 1.2% to 44 cents after announcing a new strategy to return to profitability and naming Kris Cudmore as its incoming chief financial officer, starting in August.
Investore Property rose 0.5% to $1.04 after reaffirming guidance for a cash dividend of 6.5 cents per share in the current financial year.
Serko was unchanged at $1.45 after reaffirming guidance at today’s annual meeting, and outlining its succession plan for chair Claudia Batten, who was re-elected with a protest vote of 7.3% opposing her.
Vista Group International posted the sharpest decline on the day, down 2.9% at $2.35, while SkyCity Entertainment Group fell 1.8% to 55 cents.
Outside the benchmark index, Synlait Milk dropped 10% to 36 cents after finalising its refinancing with $320 million of banking facilities with a syndicate made up of ANZ Bank, China Construction Bank, Shanghai Rural Commercial Bank, HSBC, China Merchants Bank, Bank of Communications, Industrial and Commercial Bank of China and Bank of Beijing. The milk processor said it would change its July 31 balance date to Dec 31 to align reporting with cornerstone shareholder Bright Dairy International Investment.
Paul is a staff writer for Good Returns based in Wellington.
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