Broader NZ Market Ends in Green

Index Update: On 29th October 2025, the NZ market ended the trading session in green amidst broad-based buying. On the same day, S&P/NZX 50 Index witnessed a rise of 0.05% to end at 13,409.210 and S&P/NZX 20 Index rose by 0.07% to close at 7,676.730. Also, S&P/NZX 10 Index encountered a marginal rise of 0.19% to 12,764.340. Notably, strong buying was witnessed in the materials sector and S&P/NZX All Materials rose by 2.80%.  

Macro Update: As per the FEU dated 23 October 2025, the meat and dairy exports helped in narrowing the goods trade deficit to lowest level in 4 years. Internationally, the increased tariffs have not acted as a drag on growth expected, and the IMF upgraded its global growth forecasts for this year and next in the latest World Economic Outlook.  

Market Movers: Among top gainers, New Talisman Gold Mines Limited (NZX: NTL) witnessed a rise of 16.98% to end at $0.062 per share. On the other hand, Manuka Resources Limited (NZX: MKR) declined by 6.35% to end at $0.059 per share.  

Commodity Update: The U.S. dollar held near a one-week low ahead of the anticipated Federal Reserve rate cut. Gold slipped 0.52% to USD 3,962.40 per ounce, silver fell 0.12% to USD 47.26, and copper eased 0.28% to USD 10,995.00. Brent crude gained 0.30% to USD 64.58 as renewed Israel-Hamas conflict raised supply concerns. Oil prices rebounded after two days of losses, supported by geopolitical tensions and fresh U.S. sanctions on Russia. 

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. While the index is presently experiencing a modest pullback, its ability to hold above 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 the strong buying in the materials sector somewhat supported the broader NZ market on October 29. Moving forward, while the investors continue to focus on the US Fed’s meeting, the broader US markets could remain volatile. The investors are required to track the developments which can provide some hints about the course of future rate cuts. RBNZ, in the release dated 8 October, stated that economic activity in NZ has been subdued as compared to other economies, leading to a lower exchange rate.