Index Update: On 4th December, 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 0.49% to end at 13,515.620 and S&P/NZX 20 Index declined by 0.65% to 7,707.310. Also, S&P/NZX 10 Index encountered a fall of 0.66% to 12,897.700. Notably, significant selling was witnessed in the IT sector, with S&P/NZX All Information Technology declining by 1.37%.     

Macro Update: As per Stats NZ, in the September 2025 quarter, the seasonally adjusted total building volume witnessed a rise of 1.5% as compared to the June 2025 quarter, with residential increasing by 2.8%, and non-residential falling by 1.3%. The total building value amounted to $8.2 Bn, down by 4.4% compared to September 2024 quarter.  

Market Movers: Among top gainers, Blis Technologies Limited (NZX: BLT) witnessed a rise of 6.25% to end at $0.017 per share. On the other hand, Being AI Limited (NZX: BAI) declined by 9.38%.   

Commodity Update: The U.S. dollar weakened after soft data reinforced expectations of a Fed rate cut next week, lifting the yen and pushing the euro to a nearly seven-week high. Gold down 0.23% to USD 4,222.70, silver gained 0.17% to USD 58.735, and copper inched up 0.06% to USD 11,487.00. Brent crude up 0.43% to USD 62.94 as geopolitical risks from Ukrainian strikes on Russian oil sites supported prices, though fragile fundamentals capped upside. 

 Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index extended its sideways consolidation between its record high and the major support zone near the 2024 peak, easing 66.93 points, or 0.49%, in the latest session to close at 13,515.16. Despite a recent correction, the index continues to trade comfortably above the mentioned key support territory, keeping the near-term structure constructive. As long as prices stay above this major support, the broader uptrend that has been in place since October 2023 remains intact. Immediate support is located at 13,270; holding above this level would help sustain the bullish bias and improve the prospects for another retest of the all-time high. Conversely, a decisive break below 13,270 could signal the start of a deeper corrective phase, with downside potential toward the 13,000 zone before the longer-term uptrend may resume.  

Our Stance: It could be said that selling in the technology sector impacted the broader momentum of the NZ market on 4th December. As of now, the increasing expectations of the rate cut by the US Fed continue to help the broader US market. These expectations are being helped by weakness in the ADP jobs data, along with other factors. NASDAQ Composite Index witnessed an increase of 0.17% to 23,454.09.  

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