Heavyweights keep NZX 50 in the green as Infratil knocked by AI woes
Spark NZ extended its gains on the digital services carve-out.
Tuesday, July 28th 2026, 6:43PM
by Paul McBeth
Auckland International Airport buoyed the benchmark (Image: Good Returns)
New Zealand’s S&P/NZX 50 index eked out a gain in a mixed day, as heavyweights Fisher & Paykel Healthcare and Auckland International Airport buoyed the benchmark against the souring appetite for artificial intelligence-linked companies and tech firms.
Stock markets across Asia were mixed as the slide in oil prices as the US and Iran pause their recent hostilities, while South Korea’s Kospi tumbled after Nvidia’s backstop financing for an OpenAI data centre continued to unnerve investors, rippling through to local data centre investors such as Infratil and Goodman New Zealand.
Statistics New Zealand employment figures showed filled jobs growth was soft in June, with wages unlikely to fuel further inflation, while cheaper mortgage repayments helped soften the blow of more expensive petrol in the June quarter household living costs index.
And outside the benchmark index, Black Pearl Group dropped to a 28-month low as it adopted new reporting measures in its June quarter trading update to reflect its pathway to profitability, showing annualised recurring revenue rose 2% in the three-month period.
Head above water
The NZX 50 remained in record territory as it increased 11.24 points, or 0.1%, to 13,861.93, with just 13 stocks gaining while 33 declined, and four were unchanged. The S&P/NZX 20 index futures contract for September rose 0.3% to 7,791, with 25 lots traded for a value of $195,000, while the NZX 20 nudged up 0.1% to 7,835.25.
Turnover across the main board was $118.9 million, of which F&P Healthcare accounted for $15.6 million as it climbed 2.2% to $40.75, while Auckland Airport accounted for $10.6 million as it increased 1% to $8.84.
Meridian Energy was the only local power company to gain on the day, up 1% at $5.84 and rounding out the heavyweight stocks propelling the NZX 50 higher against the red tide.
Spark New Zealand posted the biggest gain on the benchmark for a second day, rising 2.3% to $1.99 after unveiling its plans to separate out its digital services business from the core connectivity arm.
Stock markets across Asia were mixed as Australia’s S&P/ASX 200 index advanced 0.4% after getting a tailwind from the big four banks, while Hong Kong’s Hang Seng dipped 0.2%. Japan’s Nikkei 225 fell 3.9% and the Kospi sank 9.8% in late trading as investors remained wary of the AI trade after the increased capital spending on infrastructure by Alphabet, and Nvidia’s latest financing deal with OpenAI.
Meanwhile, Brent crude oil futures dropped 1.2% to US$87.33 a barrel at 5pm in Auckland as investors keep watch on whether the current pause in the Middle East will lead to a more meaningful ceasefire.
“The bases are loaded as everyone waits for the Mag 7 results and what’s going to happen with the latest Middle East negotiations,” said Greg Smith, investment specialist at Generate Investment Management. “Oil price potentially could ease a bit more if the conflict continues to soften.”
Heavy data
Infratil was the biggest drag on the NZX 50 as it fell 1.7% to $15.22, while Goodman NZ slipped 2.8% to $2.09.
Serko posted the biggest decline on the day, falling 3% to $1.31, while fellow tech companies joined the regional selloff as Gentrack decreased 2.5% to $3.55 and Vista Group International slid 2% to $2.42.
Ryman Healthcare was the most heavily traded stock on the day with a volume of 2.1 million shares changing hands as it ended the day unchanged at $2.28. The retirement village operator’s directors Dean Hamilton, James Miller and Hamish Rumbold attracted sizeable protest votes of 17%-to-18% against their re-election at today’s annual meeting.
Outside the benchmark index, Black Pearl dropped 6.1% to 46 cents, its lowest level since March 2024 on an adjusted basis, after the AI sales and marketing company changed its key reporting metrics to map out a pathway to positive earnings, which it said better reflected revenue growth and business performance.
Carpetmaker Bremworth was unchanged at 68 cents after appointing Craig Woolford as permanent chief executive, having stepped into the position on an acting basis last year.
The kiwi dollar dropped to 57.67 US cents at 5pm from 57.97 cents yesterday and traded at 82.72 Australian cents from 82.86 cents.
Stats NZ figures showed primary industries underpinned the 0.1% increase in filled jobs last month, with Canterbury a major driver of growth.
Nick Brunsdon, an economist at Infometrics, said employment growth remained modest and patchy across months, industries and regions, with government-led public administration, education and health underpinning annual gains.
“We haven’t seen a distinct hit to employment from the Iran conflict and elevated fuel prices, but businesses clearly have limited confidence to hire, for which higher fuel prices certainly haven’t helped,” Brunsdon said in a note.
Separately, Stats NZ’s household living costs index showed a 3.2% lift in living costs in the June quarter, below the 4.1% increase in the consumers price index, which doesn’t capture cheaper interest payments.
Paul is a staff writer for Good Returns based in Wellington.
| « Spark leads NZX 50 to record as digital services put under the microscope |
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