Image Source : Krish Capital Pty Ltd

Index Update: On 28th July 2025, the broader NZ market ended higher amidst buying in the financial sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.45% to end at 12,910.740 and S&P/NZX 20 Index increased by 0.49% to 7,575.490. Also, S&P/NZX 10 Index encountered a rise of 0.70% to close at 12,677.050. On the same day, S&P/NZX All Financials witnessed an increase of 1.68% to end at 1,572.090. However, S&P/NZX All Energy fell by 0.48%.   

Macro Update: As per the FEU dated 18 July 2025, the total electronic card spending declined seasonally adjusted 0.2% in the month of June after a 0.3% rise in May. The monthly retail spending witnessed a rise of 0.5% in June, the first increase in 4 months, although some of this increase can be attributed to increased food prices.   

Top Market Movers: Among top gainers, RTO Limited (NZX: RTO) witnessed a rise of 13.64% to end at $0.15 per share. On the other hand, Delegat Group Limited (NZX: DGL) declined by 5.00% to $3.80 per share.  

Commodity Update: The euro strengthened on Monday following a trade agreement between the U.S. and the EU, reducing tariffs to 15% from a threatened 30%. The deal, announced by President Trump and European Commission President Ursula von der Leyen in Scotland, aims to prevent a global trade war. Gold rose 0.03% to $3,393.55, silver surged 0.20% to $38.44, copper gained 0.28% to $9,814.50, and Brent crude increased 0.32% to $68.66.  

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Source: Trading View, Analysis: Kalkine Group   

After experiencing a period of consolidation that followed a sustained upward rally beginning in October 2023, the S&P/NZX 50 index broke decisively above a key resistance level at 12,881 points - an area previously marked by its former peak. This breakout suggests renewed bullish momentum in the market and signals the potential for further upside movement. If the current trend continues, the index may be poised to retest its most recent high, which lies around 13,250 points. Supporting this bullish outlook, the 14-day Relative Strength Index (RSI) is currently trending upward from the midpoint, indicating strengthening market momentum and improving investor sentiment.  

Our Stance: It could be said that the buying in the financial sector somewhat supported the broader NZ market. Moving forward, the global equity markets are expected to be impacted by the several macro-economic events, including the earnings season, US Fed’s meeting, trade-related news, etc. Notably, the investors are also required to closely track the commodity and currency markets amidst increased volatility.   

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