Spark leads NZX 50 to record as digital services put under the microscope
Barrenjoey eyes New Zealand push.
Monday, July 27th 2026, 6:39PM
by Paul McBeth
Spark New Zealand led the S&P/NZX 50 index to a new all-time high after the telco carved up its business into traditional connectivity operations and digital services, and hired Jarden to run the rule over the cloud and IT services arm on how to unlock value for shareholders.
Local heavyweights such as Fisher & Paykel Healthcare and Auckland International Airport provided a tailwind for the benchmark, with Asian markets broadly stronger as the pause in hostilities between the US and Iran pushed oil prices lower.
Used car dealership 2 Cheap Cars dipped as its independent directors backed a takeover by controlling shareholder David Sena for the 24% of the firm he doesn’t already own.
And Australian investment bank Barrenjoey is expanding to New Zealand, and reportedly raided Jarden for two marquee hires to drive the local business.
New records
The NZX 50 rose 78.4 points, or 0.6%, to a record 13,850.69. Within the index, 25 stocks gained, 20 fell and five were unchanged. The S&P/NZX 20 index futures contract for September was untraded, while the NZX 20 increased 0.7% to 7,827.03.
Turnover across the main board was $100.1 million, of which Auckland Airport accounted for $10.3 million as it gained 2% to $8.75.
Spark gained for a fourth day as it led the local benchmark higher, climbing 3.7% to $1.945, after the company said it would split itself into a core connectivity business and a non-core digital services arm, the latter of which would undergo a strategic review. The telco was the most heavily traded stock on the day with a volume of 3.2 million shares changing hands.
“It’s a long-run tradition of Spark to be selling, divestments, demergers and spin-offs of all ilk,” said Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene. “It’s a continuation thereof to maintain their credit rating if they were to sell it off and use it to pay down debt.”
Broadband network operator Chorus slipped 0.8% to $9.54, while One New Zealand-owner Infratil declined 0.3% to $15.49.
Cooling crude
New Zealand joined a broad rally across Asia to start the week as the pause in military strikes between the US and Iran cooled oil prices, with Brent crude futures down 5.1% at US$91.85 a barrel at 5pm in Auckland. The kiwi dollar rose to 57.97 US cents from 57.75 cents last week.
Australia’s S&P/ASX 200 index was up 1.3% in late trading, while Hong Kong’s Hang Seng advanced 0.8% and Japan’s Nikkei 225 increased 0.3%.
Local heavyweights helped propel the NZX 50 higher, with F&P Healthcare gaining 1.2% to $39.88 and Meridian Energy advancing 0.9% to $5.78.
Among the day’s bigger gainers, Investore Property rose 2.3% to $1.11, while Serko increased 2.3% to $1.35 and a2 Milk Co was up 1.8% at $8.60.
Goodman New Zealand rose 0.5% to $2.15 after the commercial landlord reiterated guidance for earnings and cash distributions to grow 5%. Shareholders today approved a share buyback of up to $110 million.
Napier Port Holdings posted the steepest decline on the NZX 50, falling 3.2% to $3.63, while Air New Zealand fell 2.3% to 42.5 cents and Port of Tauranga slipped 1.8% to $8.30.
Outside the benchmark index, 2 Cheap Cars slipped 1.3% to 79 cents after the independent directors recommended minority shareholders accept a takeover offer from Sena & Co at 80 cents a share, which was just below the midpoint of independent adviser Simmons Corporate Finance’s valuation of between 71 cents and 90 cents.
Santana Minerals advanced 1% to 51.5 cents after the would-be miner said it would bring forward the submission of final consent conditions to Aug 28 and wouldn’t seek further pauses to its fast-track application for the Central Otago gold mine.
And Barrenjoey said it would set up a New Zealand business and had hired two founders, widely reported as Jarden’s co-head of investment banking Silvana Schenone and co-chief executive Dan Reynolds.
Paul is a staff writer for Good Returns based in Wellington.
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