NZX 50 jumps as Infratil plays down data centre fears. The local annual meeting season stepped up a gear. Curious News Wed, 21 Oct 2026 (C) All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription. New Zealand's S&P/NZX 50 index gained in a mixed day across Asia, with better-than-expected results from SpaceX and Super Micro Computer spurred on markets in Japan and South Korea, while Infratil rose from a five-month low after allaying fears its CDC Data Centres unit might face similar pressures to its peers. The kiwi dollar fell against its Australian counterpart as Reserve Bank of Australia deputy governor Andrew Hauser talked of the "hard choices" the central bank faces, prompting traders to increase their bets on another rate hike, while the S&P/ASX 200 index was weighed by a slump for NextDC as the data centre firm cut its earnings guidance on project delays. Fletcher Building, Ebos Group, and Vulcan Steel rallied as they updated shareholders at their respective annual meetings, while Skellerup Holdings and SkyCity Entertainment Group both ended the day unchanged. And Meridian Energy provided the biggest tailwind for the local market after Forsyth Barr analysts said the power company's strong hydro performance was still ahead of the prior year. Back on the rise. The NZX 50 rose 129.68 points, or 1%, to 13,761.37, with 27 stocks gaining, 12 declining and 11 unchanged. The S&P/NZX 20 index futures contract for December advanced 0.1% to 7,485, with 50 lots traded for a value of $374,000, while the NZX 20 jumped 1.2% to 7,522.46. Turnover across the main board was $124.2 million, of which Fisher & Paykel Healthcare accounted for $22.7 million, with the country's biggest listed company gaining 0.7% to $49.43 after Wall Street set a strong lead for healthcare stocks on both sides of the Tasman. Ebos climbed 5.5% to $21.10, leading the NZX 50 higher, after the healthcare products maker acknowledged the soft share price at today's annual meeting, and reaffirmed its earnings guidance for modest growth in the current year, which is expected to step up in the June 2028 financial year. Across the Tasman, ASX-listed Sigma Healthcare declined after it said cost-of-living pressures were weighing on sales of discretionary products. Stocks across Asia were mixed, as strong SpaceX and Super Micro earnings revived investors' appetite for artificial intelligence-linked stocks. Japan's Nikkei 225 gained 1%, while South Korea's Kospi jumped 2.6% as data centre firm Elice jumped 30% - the daily limit - as it clawed back most of its losses on debut. Infratil snapped a six-day run of declines, gaining 2.4% to $12.39 after the company said its CDC Data Centres business wasn't facing any issues with its projects. The infrastructure investor was the most heavily traded stock on the day, with a volume of 1.8 million shares changing hands. ASX-listed NextDC slumped 40% in late trading when it came out of its halt, having slashed its earnings guidance by a third on the community backlash that delayed its Melbourne M3 data centre. Hard choices. Australia's ASX 200 slipped 0.1% in late trading, with bond traders increasing their bets on another rate hike by the RBA after deputy governor Hauser said inflation was materially worse than the central bank's own forecasts, creating tough decisions for the monetary authority. The kiwi dollar fell to 80.92 Australian cents at 5pm in Auckland from 81.26 cents yesterday, and was unchanged at 56.76 US cents. Meridian helped buoy the local index, gaining 2% to $5.63 after Forsyth Barr analysts reaffirmed their 'neutral' rating and price target of $5.90, saying the power company's operating update showed it was in a good position as the only generator with hydro storage materially above average. "The strong hydro performance has resulted in 1Q27 earnings comfortably ahead of 1Q26, but not materially so," analysts Andrew Harvey-Green, Kiola Visser and Hugh Lockwood said in a note to clients. "Meridian is facing challenges with its Powershop brand following some missteps transitioning to Kraken, which has taken some of the gloss off the strong start." Vulcan Steel climbed 5.2% to $6.89 after the metals firm reported a 39% increase in first-quarter revenue and 51% jump in earnings as the Roofing Industries acquisition contributed to the business. Meanwhile, Fletcher gained 3.1% to $3.34 after reaffirming that dividends wouldn't be reinstated until debt was brought down further. That was despite ANZ economists downgrading their house price forecasts, now seen drifting lower until the middle of next year. Skellerup was unchanged at $7.51 after telling shareholders its first-quarter profit rose 15%, and it forecast annual earnings of between $67 million and $72 million. SkyCity was unchanged at 67 cents after the casino operator said it expected to resume dividends in the June 2028 financial year. KMD Brands posted the biggest decline on the day, falling 4.2% to $1.8275, while Gentrack dropped 4.1% to $4.25 and Scales Corp slipped 3.6% to $6.25. Air New Zealand slipped 1.3% to 38 cents after the national carrier said passenger numbers fell 1% in the September quarter from a year earlier. Outside the benchmark index, Synlait Milk rose 3.2% to 48 cents after acting chief executive Leon Fung got the job on a permanent basis. Separately, prices rose at the Global Dairy Trade auction overnight. Fonterra Shareholders' Fund units increased 0.2% to $9.40. Reporting by Paul McBeth. Curious News Wed, 21 Oct 2026 (C) All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription. I'm already subscribed/joined Company profile Powered by: Change: 1% 23/10/2026, 6:30 pm Previous Close

Vulcan Steel reports NZ$129.3 million annual EBITDA. * Vulcan Steel recorded a 19% increase in reported EBITDA to NZ$129.3 million alongside year-on-year underlying volume growth. * The company declared a total FY26 dividend of 7 NZ cents per share while reducing net bank debt. * Growth was driven by strong rollforming acquisition integration and expanded hybrid site network operations. Vulcan Steel (ASX:VSL) announced its financial results for the year ended June 30, delivering an operating cash flow of NZ$73 million alongside reported earnings per share of NZ 14.4 cents. The performance follows previous underlying volume declines, marking the first year-on-year volume expansion for the business since FY22. Reported EBITDA for the period was of NZ$129.3 million, up 19% from NZ$109 million in FY25. "Customer service remained a priority, with delivered in full, on time performance maintained at 98%. Net bank debt reduced by NZ$5.1 million to NZ$227.3 million at the end of FY26 from NZ$232.4 million at the end of FY25," said Vulcan Steel Managing Director and CEO Gavin Street. The acquired rollforming division contributed nine months of trading ahead of expectations, while net bank debt was reduced by NZ$5.1 million to finish at NZ$227.3 million. Operational expansion saw the business open one new greenfield site in Toowoomba, Queensland, and convert four existing locations into hybrid operating sites. Following the announcement, the Vulcan Steel share price was down at $5.25. The Australasian distributor operates industrial site networks to supply metals and value-added steel processing services across regional markets. Frequently asked questions. VSL signals