Price action is noise

In the short run, the market is a voting machine; in the long run, a weighing machine. Short-term prices reflect sentiment, forced trades, algorithmic flows, and headlines — not the economic reality of the business.

Benjamin Graham, The Intelligent Investor chapter 8.

Below, each covered company's share price volatility compared to its fundamental volatility over the same period — the ratio shows how much more the market moved than the business actually did.

Rankings as of 23 April 2026, based on Annolyse's coverage of 89 NZX companies.

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Price action is noise company ranking

ERDEROAD	Technology	113.6%	3.3%	34.0×
CHIChannel Infrastructure NZ	Transport & Infrastructure	50.2%	1.8%	27.8×
MPGMetro Performance Glass	Construction & Materials	76.4%	5.3%	14.4×
MHJMichael Hill International	Consumer	40.0%	3.0%	13.4×
MFBMy Food Bag Group	Consumer	40.9%	3.8%	10.6×
SCTScott Technology	Industrials	60.2%	7.0%	8.6×
GXHGreen Cross Health	Healthcare	73.8%	8.7%	8.4×
PCTPrecinct Properties	Property	30.9%	3.8%	8.2×
PEBPacific Edge	Healthcare	118.5%	16.3%	7.3×
KMDKMD Brands	Consumer	144.8%	20.0%	7.2×
TWRTower	Financials	48.1%	6.9%	6.9×
ARGArgosy Property	Property	32.9%	5.3%	6.2×
OCAOceania Healthcare	Healthcare	44.7%	7.4%	6.0×
RAKRakon	Technology	115.0%	19.5%	5.9×
AIAAuckland International Airport	Transport & Infrastructure	21.9%	3.9%	5.6×
FCGFonterra Co-operative Group	Primary Industries	46.9%	8.4%	5.6×
SKTSky Network Television	Telecommunications & Media	41.2%	7.7%	5.3×
EBOEBOS Group	Healthcare	66.6%	13.0%	5.1×
DGLDelegat Group	Consumer	32.0%	6.4%	5.0×
HGHHeartland Group Holdings	Financials	52.4%	10.9%	4.8×
BGPBriscoe Group	Consumer	39.4%	8.3%	4.8×
VCTVector	Energy & Utilities	27.8%	6.1%	4.6×
NTLNew Talisman Gold Mines	Construction & Materials	142.3%	31.1%	4.6×
GTKGentrack Group	Technology	76.8%	17.8%	4.3×
AFIAustralian Foundation Investment Company	Investment Companies	15.9%	3.8%	4.2×
SPKSpark New Zealand	Telecommunications & Media	28.4%	6.9%	4.1×
KPGKiwi Property Group	Property	33.1%	8.1%	4.1×
TRATurners Automotive Group	Consumer	43.4%	12.4%	3.5×
FRWFreightways Group	Transport & Infrastructure	43.5%	13.3%	3.3×
CMOThe Colonial Motor Company	Consumer	26.9%	8.8%	3.1×
PGWPGG Wrightson	Primary Industries	32.1%	10.5%	3.0×
MFTMainfreight	Transport & Infrastructure	25.0%	8.4%	3.0×
SPNSouth Port New Zealand	Transport & Infrastructure	47.5%	17.5%	2.7×
RADRadius Residential Care	Healthcare	50.4%	19.0%	2.6×
SKLSkellerup Holdings	Industrials	41.2%	15.9%	2.6×
CENContact Energy	Energy & Utilities	12.8%	5.3%	2.4×
MCKMillennium & Copthorne Hotels New Zealand	Consumer	27.1%	12.0%	2.3×
SVRSavor	Consumer	38.7%	17.2%	2.3×
VGLVista Group International	Technology	82.5%	38.9%	2.1×
NPHNapier Port Holdings	Transport & Infrastructure	49.7%	23.5%	2.1×
WHSThe Warehouse Group	Consumer	42.4%	20.9%	2.0×
TEMTempleton Emerging Markets Investment Trust Plc	Investment Companies	60.3%	31.2%	1.9×
GENGeneral Capital	Financials	35.1%	19.0%	1.8×
BLTBLIS Technologies	Healthcare	51.4%	28.1%	1.8×
THLTourism Holdings	Consumer	73.0%	43.4%	1.7×
SKCSkyCity Entertainment Group	Consumer	58.6%	36.3%	1.6×
MOVMove Logistics Group	Transport & Infrastructure	66.1%	41.6%	1.6×
SEKSeeka	Primary Industries	40.0%	25.9%	1.5×
TAHThird Age Health Services	Healthcare	92.4%	61.2%	1.5×
NZMNZME	Telecommunications & Media	20.9%	14.9%	1.4×
HLGHallenstein Glasson	Consumer	45.3%	32.3%	1.4×
ATMThe a2 Milk Company	Consumer	41.6%	30.4%	1.4×
MLNMarlin Global	Investment Companies	22.8%	17.2%	1.3×
TRUTruScreen Group	Healthcare	63.8%	48.2%	1.3×
AIRAir New Zealand	Transport & Infrastructure	42.3%	34.3%	1.2×
MEEMe Today	Consumer	57.6%	53.8%	1.1×
PFIProperty for Industry	Property	25.8%	25.2%	1.0×
BRWBremworth	Consumer	50.8%	53.8%	0.9×
AOFAoFrio	Industrials	51.2%	61.1%	0.8×
BAIBeing AI	Technology	156.5%	200.0%	0.8×
MCYMercury NZ	Energy & Utilities	22.0%	28.5%	0.8×
FPHFisher & Paykel Healthcare	Healthcare	24.1%	31.2%	0.8×
CDICDL Investments New Zealand	Property	30.1%	39.8%	0.8×
SUMSummerset Group Holdings	Healthcare	47.3%	68.4%	0.7×
GNEGenesis Energy	Energy & Utilities	18.8%	28.2%	0.7×
STUSteel & Tube Holdings	Construction & Materials	62.1%	100.0%	0.6×
BFGBurger Fuel Group	Consumer	23.3%	38.0%	0.6×
SCLScales Corporation	Primary Industries	45.8%	99.8%	0.5×
SMLSynlait Milk	Primary Industries	69.8%	155.0%	0.5×
RTORTO	Industrials	31.2%	92.1%	0.3×
KFLKingfish	Investment Companies	15.0%	56.9%	0.3×
TGGT&G Global Limited and subsidiary companies	Primary Industries	53.6%	270.4%	0.2×
ARBArborGen Holdings	Primary Industries	56.5%	320.0%	0.2×
SKOSerko	Technology	86.4%	510.0%	0.2×
BRMBarramundi	Investment Companies	33.1%	220.0%	0.2×
MELMeridian Energy	Energy & Utilities	13.3%	96.9%	0.1×
IKEikeGPS Group	Technology	53.5%	438.7%	0.1×
NZKNew Zealand King Salmon Investments	Primary Industries	27.8%	337.1%	0.1×
IFTInfratil	Transport & Infrastructure	24.7%	385.6%	0.1×
RUARua Bioscience	Healthcare	87.8%	1376.4%	0.1×
FBUFletcher Building	Construction & Materials	35.6%	626.9%	0.1×
HFLHenderson Far East Income	Investment Companies	34.2%	854.7%	0.0×
WINWinton Land	Property	34.9%	1508.9%	0.0×
APLAsset Plus	Property	36.1%	3339.3%	0.0×
CCCCooks Coffee Company	Consumer	47.5%	142248.8%	0.0×
CNUChorus	Telecommunications & Media	25.2%	103079.2%	0.0×
IPRIperion	Construction & Materials	0.0%	186.7%	0.0×
GNZGoodman Property Trust	Property	n/a	10.4%	n/m
CVTComvita	Consumer	n/a	248.1%	n/m

Price volatility is the 52-week high-to-low range divided by the midpoint. Fundamental volatility is the larger of recent revenue or EBITDA-equivalent change. Noise ratio measures how much more the market moved than the business. High ratios indicate Mr. Market was particularly emotional about that company.

CVT and GNZ currently have incomplete 52-week market-data fields, so their noise ratios remain not meaningful until those inputs resolve.

Preparing the next Annolyse view.