Broader NZ Market Ends in Green

Index Update: On 4th November 2025, the NZ market closed the trading session in green amidst broad-based buying. On the same day, S&P/NZX 50 Index witnessed a rise of 0.37% to end the trading session at 13,605.960 and S&P/NZX 20 Index increased by 0.34% to close at 7,791.840. Notably, S&P/NZX 10 Index encountered a rise of 0.43% to 12,978.810. The buying momentum was witnessed in the materials sector and S&P/NZX All Materials rose by 1.21%.    

Macro Update: As per the FEU dated 23 October 2025, the easing of rents and new housing costs, together making up 21% weight in the CPI, are down as compared to the recent highs. This reflects weakness in the construction sector and reduced net migration. As per the update, the uncertainty related to the stability and trajectory of the global economy was acute.   

Market Movers: Among top gainers, NZME Limited (NZX: NZM) witnessed a rise of 5.08% to end at $1.24 per share. On the other hand, Chatham Rock Phosphate Limited (NZX: CRP) declined by 7.69% to $0.06 per share.  

Commodity Update: The dollar held firm near a three-month high on Tuesday as a divided Federal Reserve prompted traders to scale back rate cut expectations. Investors also awaited the Reserve Bank of Australia’s policy decision, with rates expected to remain unchanged. Gold slipped 0.54% to USD 3,992.20 per ounce, silver fell 0.80% to USD 47.66, and copper declined 0.61% to USD 10,778.00. Brent crude eased 0.10% to USD 64.80 amid OPEC+ output concerns.  

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 materials sector somewhat helped the broader NZ market on 4th November. While there is still some uncertainty faced by the factories due to the tariffs, the investors are required to focus on earnings reports. Adding to the uncertainty is the ongoing government shutdown. RBNZ, in a release dated 8th October, stated that economic activity in NZ remained subdued as compared to other economies, leading to a lower exchange rate.