Broader NZ Markert Ends in Red

Index Update: On 6th November 2025, the broader NZ market ended in red amidst selling in the energy sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.32% to end at 13,576.810 and S&P/NZX 20 Index fell by 0.29% to 7,765.290. Also, S&P/NZX 10 Index witnessed a fall of 0.05% to 12,980.690. Notably, strong selling was witnessed in the energy sector and S&P/NZX All Energy declined by 3.37%.    

Macro Update: As per FEU dated 23 October, the consumer spending increased over the course of the year albeit at subdued levels, with households looking to rebuild savings and pay debt amid softness in the labour market conditions. The retail card spending declined 0.5% in September. This was after 3 months of gains. While spending declined throughout most of the categories, one bright spot was hospitality. This is because it reached its second highest level in its 22-year history.   

Market Movers: Among top gainers, PaySauce Limited (NZX: PYS) encountered a rise of 11.48%. On the other hand, Rua Bioscience Limited (NZX: RUA) declined by 6.67%.   

Commodity Update: The dollar held near a three-month high on Thursday as markets reduced bets on a December rate cut by the Federal Reserve. Gold dipped 0.03% to USD 3,991.80 per ounce, silver declined 0.35% to USD 47.85, while copper rose 0.32% to USD 10,759.00. Brent crude inched up 0.03% to USD 63.54, recovering slightly after recent losses amid weak demand and persistent global oversupply concerns.  

Source: Trading View, Analysis: Kalkine Group  

Following a brief corrective phase within a well-established broader uptrend marked by a consistent pattern of higher highs and higher lows, the S&P/NZX 50 Index has recently staged a breakout above its 2024 peak at 13,270. This upward breach confirms the continuation of the prevailing bullish structure and signals the potential for renewed upside momentum. Technically, the breakout opens the way for a possible retest of the all-time high at 13,636. Importantly, the former resistance level at 13,270 has now transitioned into a key support zone, which could underpin the next leg of the advance. Moreover, after experiencing a modest pullback, the index is presently rebounding from this newly established support suggests that the broader uptrend remains intact and the overall technical outlook continues positive.  

Our Stance: It could be said that significant selling in the energy sector somewhat impacted the broader NZ market on 6th November. While the focus of the US market investors remains on the earnings season, it is important to track the developments happening around AI trade and the broader health of the US economy. Furthermore, the ongoing US government shutdown is also adding to the uncertainties.