Index Update: On 25th November 2025, the broader NZ market ended the trading session marginally lower amidst selling in the materials sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.14% to end at 13,480.430 and S&P/NZX 20 Index fell by 0.05% to 7,720.070. Notably, S&P/NZX 10 Index encountered a decline of 0.13% to 12,828.380. Also, some selling was witnessed in the materials sector, and S&P/NZX All Materials fell by 1.65%.  

Macro Update: As per the FEU dated 20 November 2025, while the manufacturing activity lifted, the consumers are still being cautious about spending. That being said, as more mortgage holders refix onto the reduced rates, along with flat-to-falling rent and food prices, there could be some support to the household disposable income in time for the holiday season.  

Market Movers: Among top gainers, Manuka Resources Limited (NZX: MKR) witnessed a rise of 10.53% to end at $0.084 per share. New Talisman Gold Mines Limited (NZX: NTL) declined by 9.09% to $0.04 per share. 

Commodity Update: The U.S. dollar held steady on Tuesday as markets weighed the likelihood of a Fed rate cut next month following dovish remarks from policymakers. The yen stayed fragile, keeping intervention risks elevated. In commodities, gold rose 0.33% to USD 4,183.40, silver added 0.31% to USD 51.30, and copper climbed 1.17% to USD 10,880.75. Brent crude slipped 0.30% to USD 63.20 as supply concerns overshadowed geopolitical uncertainties. 

Source: Trading View, Analysis: Kalkine Group 

The S&P/NZX 50 Index eased 25.44 points, or 0.19%, to close at 13,459.09 in the latest session. Despite the mild decline, the index continues to trade comfortably above a key support band anchored at the 2024 high, preserving a constructive near-term bias. Maintaining levels above this major support keeps the broader uptrend which established since October 2023 firmly intact. The nearest support is located at 13,270, and sustained strength above this threshold would reinforce the prevailing bullish structure and improve the prospects of a push toward the record high at 13,725. Conversely, a decisive break below 13,270 could expose the index to a pullback toward the 13,000 region before the longer-term upward trend potentially resumes. 

Our Stance: It could be said that selling in the materials sector somewhat impacted the broader NZ market on 25th November. As of now, the focus of US investors remains on the economic data which was delayed due to the government shutdown. The investors and traders must closely monitor economic data points, as it will be important to the US Federal Reserve’s interest rate decision due next month. With respect to NZ, the recent FEU report highlighted that the reduced US tariffs on food imports, which include NZ beef and kiwifruit, are positive news for exporters.  

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