Image Source : Krish Capital Pty Ltd

Index Update: On 15th July 2025, the broader NZ market closed the trading session in green, with industrials sector witnessing buying momentum. On the same day, S&P/NZX 50 Index witnessed a rise of 0.09% to end at 12,689.630 and S&P/NZX 20 Index rose by 0.19% to 7,421.410. Also, S&P/NZX 10 Index increased by 0.05%. Notably, industrials sector encountered buying and S&P/NZX All Industrials rose by 0.68% to 2,161.950.  

Macro Update: As per RBNZ, the annual consumers price index inflation is within the Monetary Policy Committee’s 1% - 3% target band. While the inflation is anticipated to approach the top of the target band in Q2 and Q3 of 2025, RBNZ believes that spare productive capacity and falling core inflation are consistent with the headline inflation returning to the midpoint in the medium term.  

Top Market Movers: Among top gainers, Rua Bioscience Limited (NZX: RUA) witnessed a rise of 27.27% to end at $0.042 per share. On the other hand, Foley Wines Limited (NZX: FWL) declined by 7.81%.  

Commodity Update: The dollar held firm on Tuesday amid trade talks and ahead of key U.S. inflation data and bank earnings. Oil prices slipped after President Trump gave Russia a 50-day deadline to end the Ukraine war or face energy sanctions. Japanese bond yields hit multi-decade highs ahead of elections. In commodities, gold dipped 0.02%, silver fell 0.74%, copper eased 0.25%, and Brent crude edged down 0.20% to $69.06.  

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Source: Trading View, Analysis: Kalkine Group   

Following a sustained upward rally that began in October 2023, the S&P/NZX 50 index appears to be transitioning into a consolidation phase. This is evidenced by the formation of a lower high and a higher low on the chart - typically a technical signal that the market may be entering a trading range. Currently, though the index is on a rally and approaching a significant resistance established by its previous high at 12,881 points; however, unless there is a clear breakout above the mentioned resistance level, this sideways movement is expected to persist in the near term. As a result, investors may need to wait for a clear move before gaining greater clarity on the market’s next trend.  

Our Stance: It could be said that the buying in the industrials sector somewhat supported the broader NZ market on 15th July. RBNZ recently stated that the economic outlook is highly uncertain. Notably, further data on the speed of NZ’s economic recovery, the persistence of inflation, as well as the impacts of tariffs would be influencing the future path of the OCR. RBNZ further added that the global growth is anticipated to slow over the H2 FY 2025, reflecting the uncertain consequences of the trade protectionism. 

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