The S&P/NZX 50 index rose more than 11% this year in its best annual gain since 2020, when it surged out of the covid-19 pandemic, and outperforming a 7.5% increase for Australia’s S&P/ASX 200.
Thirteen of the top 50 companies climbed more than 20% through the year, with another six gaining more than 10%
Tower, the general insurer that recently returned to the benchmark index, led the top 50 higher through the year as it surged 121% to $1.35, finding its groove after several years of malaise and an unexpected bout of natural disasters in 2023.
Gentrack was another on the rise, climbing 90% to $12.60, while Vista Group International jumped 88% to $3.10 and Fisher & Paykel Healthcare advanced 63% to $38.40 in a year where tech stocks – and the Magnificent Seven in particular – drove Wall Street higher.
That sentiment was seen in New Zealand, with Blackpearl posting the biggest gain on the bourse as it advanced 132% to $1.15 while Being AI doubled to 30 cents over the year. Enprise surged 78% to $1.07 and AoFrio climbed 73% to 10.4 cents.
Tourism Holdings posted the biggest decline for the year on the benchmark index, falling 48% to $1.99, while Spark New Zealand slumped 43% to $2.95 and Fletcher Building tumbled 38% to $2.85.
The stragglers
Rua Bioscience posted the weakest performance for the year, slumping 71% to 2.9 cents, while Comvita sank 66% to 79 cents, and the now-delisted Marlborough Wine Estates shed 60% to end the year at 5.9 cents.
Retailers were knocked about through the year as KMD Brands dropped 41% to 44.5 cents, The Warehouse sank 35% to $1.04 and Michael Hill International declined 35% to 64 cents.
That wasn’t universal with Hallenstein Glasson surging 59% to $8.25 and Briscoe Group advancing 13% to $5.03.
Fonterra Shareholders’ Fund units were another to enjoy a renaissance, climbing 48% to $5.15, while The a2 Milk Co rallied 37% to $6.30.
Freightways – often seen as a bellwether for the economy – climbed 25% to $10.64.
The local market’s benchmark index closed the year out with a 1.2% decline, or 159.27 points, to 13,110.74, with Precinct Properties NZ leading it lower with a 6.7% slump to $1.18.
Companies sensitive to interest rates were among those weaker in the final day of trading, with Argosy Property falling 3.9% to $1, and Goodman Property Trust declining 3.4% to $2.01. Contact Energy and Ryman Healthcare gave up some of Monday’s gains, respectively slipping 3.1% to $9.50 and 2.9% to $4.71.
The kiwi dollar is heading for an 11% decline against the greenback this year, trading at 56.28 US cents at 5pm in Auckland. It was down 2.3% form the start of the year against the Aussie at 90.58 Australian cents.
Reporting by Paul McBeth. Image from Curious News.