NZ Sharemarket Dips As Big Stocks Weigh Despite KMD Gains

The New Zealand sharemarket closed down on Wednesday despite positive updates from KMD Brands, Napier Port and Radius Healthcare as larger weighted stocks made their impact. The S&P/NZX 50 Index closed down 0.12% or 15.92 points to 13,326.90 after 31 million shares worth $120.98 million were traded. The S&P/NZX 20 index was down 0.15%, closing at 7619.43 points, while the S&P/NZX 10 index ended the day at 12,704.57 after falling 0.12%. There were 62 gainers on the main board and 80 decliners.

KMD Brands released a first-quarter update for the 2026 financial year at its annual meeting, with total group sales lifting by 7.9% compared with the prior corresponding period, driven by a 13.9% lift in sales for Kathmandu. KMD Brands’ share price lifted 5.45% or 1.5c to 29c after 480,525 shares changed hands on turnover worth $138,461.02.

Elsewhere, Napier Port reported a 24.4% increase in its net profit for the September year while lifting its dividend and painting a favourable earnings outlook for 2026. Its share price lifted 2.63% or 9c to $3.51 on turnover worth $609,595.95.

Radius Healthcare, meanwhile, rallied 6.67% to $0.40 after its half-year result, with its net profit increasing by 221% to $6.3m compared with the prior corresponding period.

Contact Energy fell 1.80% or 17c to $9.30 on turnover worth $12m, while Infratil fell 0.43% or 5c to $11.55 on turnover worth $6.7m. Summerset Group fell 0.71% or 9c to $12.51, while Fletcher Building was down 0.30% or 1c to $3.37.

Stock markets slid across the board in the United States on Tuesday (US time) as investors worried about lofty tech valuations on the eve of earnings from AI chip titan Nvidia. After this year’s record stocks rally, traders have begun to question whether the billions poured into artificial intelligence will ever lead to big returns. Investors will be looking for clues on the health of the industry when Nvidia releases its quarterly earnings.

Source: Business Desk

Ahead of the local open SPI futures were 53 points higher at 8516.

- close [Morningstar with AAP]: Mining and energy stocks have struggled to counterbalance a weak financial sector, leaving the Australian share market slightly lower ahead of key overseas economic data returning from a US government shutdown.

The S&P/ASX200 fell 21.2 points on Wednesday, down 0.25 per cent to 8,447.9 as the broader All Ordinaries dropped 16.9 points, or 0.19 per cent, to 8,721.4.

Four of the 11 ASX sectors finished higher, with financials having the biggest drag on the market's performance, losing 1.2 per cent while mining and energy stocks rose.

The spectre of US jobs figures and earnings results from Nvidia, the largest single stock in the world, loomed large over the relative quiet in Australian markets, Moomoo analyst Michael McCarthy said.

"There is a danger - given how high expectations for the Nvidia result are - that it could disappoint," Mr McCarthy told AAP.

"If that's the case, the implications for the whole sector and in fact the whole US market could be profound."

Interest rate-sensitive stocks are still suffering, though, as wage growth outshines inflation in the latest official figures, stoking fears of more rising costs.

"The market fears a wages spiral, it fears an inflation spiral, particularly at a time when we appear to be heading into a period of lower growth," Mr McCarthy told AAP.

Financials were the biggest drag on the market, plunging 1.2 per cent as CBA and Westpac dropped more than one per cent and ANZ plummeted two per cent.

Picking up the pieces for the banks was basic materials, rising 0.7 per cent, backed by strong gold and iron ore prices and good results for the companies that extract them.

Gold miners Evolution, Northern Star and Westgold sported gains above two per cent as spot gold prices lifted to $US4,091 ($A6,310) an ounce and iron ore giant BHP edged 0.1 per cent higher.

Rare earth mineral excitement also continued with Lynas, up 5.6 per cent, and Arafura rising 3.8 per cent, with both among the market's biggest overall winners.

Lagging oil prices couldn't stop energy from also playing its part to offset the poor performance of the banks with sector giants Woodside (+1.2 per cent) and Santos (+0.8 per cent) providing support.

After a positive start, tech stocks once again grinded lower by 0.5 per cent even as WiseTech jumped 0.4 per cent and Xero rose 0.3 per cent.

Despite the grim interest rate outlook, real estate stocks shot up 0.6 per cent on the back of sector big gun Goodman's 0.3 per cent bump.

The big company story was DroneShield's collapse of 20 per cent after the sudden resignation of its US chief executive Matt McCrann with no explanation. His departure follows company chief Oleg Vornik, chair Peter James and director Jethro Marks selling all their shares in the company last week.

The Australian dollar is buying 64.83 US cents, down from 65.11 US cents on Tuesday at 5pm.

ON THE ASX:

The S&P/ASX200 lost 21.2 points, or 0.25 per cent, to 8,447.9

The broader All Ordinaries fell 16.9 points, or 0.19 per cent, to 8,721.4

The NZX 50 added 7.87 points (0.06%) to 13334.77

Companies Holding Annual General Meeting (ASX 300):

Botanix Pharmaceuticals Ltd

Chalice Mining Limited

Deep Yellow Limited

Dexus Industria REIT

Emeco Holdings Limited

Evolution Mining Limited

Insignia Financial Ltd

IPH Limited

Liberty Financial Group

Mineral Resources Limited

Monash IVF Group Limited

Sonic Healthcare Limited

Worley Limited

[Morningstar with Dow Jones]:

U.S. stocks ended higher. The DJIA rose 0.1% to 46,138.77, the S&P 500 climbed 0.4% to 6,642.16 and the Nasdaq rose 0.6% to 22,564.23.

Among S&P 500 companies, the top three gainers were Block Inc XYZ surging 7.58%, GE Vernova Inc GEV jumped 7.29%, and Constellation Energy Corp CEG lifted 5.34%.

The biggest decliners were Eversource Energy ES which dropped 12.45%, DoorDash Inc DASH fell 4.60%, and Aptiv PLC APTV lost 4.50%.

Asia

Chinese shares closed mixed. The benchmark Shanghai Composite Index climbed 0.2% to 3,946.74 and the Shenzhen Composite Index dropped 0.5% to 2,473.34.

Hong Kong shares ended lower. The benchmark Hang Seng Index declined 0.4% to 25,830.65.

Japanese shares ended lower. The Nikkei Stock Average dropped 0.3% to 48,537.70.

India shares ended higher. The BSE SENSEX added 0.6% to 85,186.47.

Europe

Stocks in the U.K. finished lower. The FTSE 100 Index fell 0.5% to 9,507.41. In Europe, shares closed lower. The Germany's DAX dropped 0.1% to 23,162.92, and the France's CAC 40 slipped 0.2% to 7,953.77