Broader NZ Markert Ends Lower

Index Update: On 11th November 2025, the NZ market ended the trading session in red amidst broad-based selling momentum. On the same day, S&P/NZX 50 Index witnessed a fall of 0.09% to end at 13,604.550 and S&P/NZX 20 Index declined by 0.12% to close at 7,787.090. Notably, S&P/NZX 10 Index encountered a decline of 0.18% to end at 13,002.180. Notably, some selling was witnessed in the consumer staples sector, and S&P/NZX All Consumer Staples fell by 1.00%.     

Macro Update: As per the FEU dated 6 November 2025, the broader construction sector was significantly impacted by the downturn with real residential investment remaining down at 2015 levels, declining employment, increasing input costs, credit defaults and liquidations, and subdued housing market activity overall. Furthermore, it was mentioned that families’ current personal financial situations are under pressure. Notably, 15% of respondents (net) reported worse financial positions on the YoY basis.   

Market Movers: Among top gainers, Rua Bioscience Limited (NZX: RUA) witnessed a rise of 13.33% to end at $0.034 per share. On the other hand, Comvita Limited (NZX: CVT) declined by 11.54%.   

Commodity Update: The yen slid to its weakest level since February as hopes grew for a resolution to the U.S. government shutdown, lifting risk currencies. Gold rose 0.55% to USD 4,145, silver gained 0.44% to USD 50.52, while copper was slightly lower at USD 10,818. Brent crude dipped 0.30% to USD 63.89 amid concerns of a potential supply glut, despite support from U.S. political progress and refinery disruptions. 

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 selling in the consumer staples sector somewhat impacted the broader NZ market on 11 November. On the global basis, there is some optimism amidst the hopes that the government shutdown would soon end. Amidst these, the investors are required to closely track the global developments around trade policies and tariffs. Recently, RBNZ stated that more timely indicators demonstrated that economic activity recovered marginally in the quarter ended September. However, there is significant spare capacity in the NZ economy.