Index Update: On 3rd November 2025, the broader NZ market ended on a flat note as S&P/NZX 50 Index witnessed a marginal rise of 0.06% to end at 13,556.300. On the same day, S&P/NZX 20 Index and S&P/NZX 10 Index encountered an increase of 0.09% and 0.06%, respectively. Notably, some buying was witnessed in the discretionary sector and S&P/NZX All Consumer Discretionary rose by 1.45% to end at 723.320.    

Macro Update: As per Stats NZ, there were 3,747 new homes consented in Aotearoa NZ in September 2025, reflecting a rise of 27% as compared to September 2024. Excluding the seasonal effects, the number of new homes consented in September 2025 increased by 7.2% as compared to August 2025. Notably, September 2025 witnessed the highest number of homes consented in over 2 years.   

Market Movers: Among top gainers, Manuka Resources Limited (NZX: MKR) witnessed a rise of 6.67% to end at $0.064 per share. On the other hand, Rua Bioscience Limited (NZX: RUA) declined by 11.43%.  

Commodity Update: The U.S. dollar strengthened to a near three-month high on Monday ahead of key economic data that could influence the Federal Reserve’s policy outlook. Gold rose 0.38% to USD 4,011.50 per ounce, silver gained 0.66% to USD 48.48, while copper slipped 0.40% to USD 10,852.00. Brent crude climbed 0.73% to USD 65.24 after OPEC+ postponed planned production hikes for the first quarter of next year.  

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 some buying in the discretionary sector somewhat supported the broader NZ market on 3rd November. While the US markets will continue to be affected by the corporate earnings in the upcoming trading sessions, the investors are required to closely track the developments around the trade policies and labour market. Apart from this, the volatility in the commodity and currency markets can also influence the investors’ sentiments.  

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