Magazine New Zealand Issue 046 | Nzx

The article posits that while carbon credits (NZUs) were once the darlings of alternative investment, a government review in late 2025 has flooded the market with allowances, crashing the spot price to $48 per unit (down from a peak of $89).

FPH is pivoting hard into home-based respiratory care . Gradon notes that 60% of their R&D budget is now devoted to miniaturization for home use, a direct result of the "hospital-at-home" trend that survived COVID. Deep Dive: The Carbon Credit Conundrum Page 42 of Issue 046 features a sobering analysis of the New Zealand Emissions Trading Scheme (NZ ETS) by Dr. Rangi Mātātā , an environmental economist. NZX Magazine New Zealand Issue 046

While the dairy sector remains volatile (Fonterra’s latest farmgate milk price forecast sits at $8.50/kg MS), the magazine points to surprising resilience in and aquaculture . “Investors have been hiding in utilities and property for two years,” Wills writes. “Issue 046 argues that the rotation has begun. Look at cyclicals, but be selective.” A centerpiece chart tracks the divergence between listed infrastructure (down 2% YTD) and discretionary retail (up 11% YTD), suggesting that the Kiwi consumer is cautiously opening their wallet again. Feature Interview: The CEO of Fisher & Paykel Healthcare One of the most anticipated segments of any NZX Magazine issue is the one-on-one CEO interview. For Issue 046 , the editors secured an exclusive sit-down with Lewis Gradon of Fisher & Paykel Healthcare (FPH). The article posits that while carbon credits (NZUs)

Published: May 2, 2026 Reading Time: 7 minutes Deep Dive: The Carbon Credit Conundrum Page 42

due out in August 2026, which promises a deep dive into the privatisation of Kiwibank and the potential for a partial NZX listing.

If you have capital gains from a stock like FPH or IFT, you can realize losses from laggards like SKT or SML to offset your tax liability.