Broader NZ Market Ends in Green Amidst Buying in Financials Sector

Index Update: On 30th January, the broader NZ market closed in green, with S&P/NZX 50 Index witnessing a rise of 0.56% to end at 13,423.180 and S&P/NZX 20 Index increasing by 0.60% to close at 7,633.430. On the same day, S&P/NZX 10 Index witnessed a rise of 0.69% to close at 12,826.700. Notably, financials sector encountered buying momentum, with S&P/NZX All Financials increasing by 1.44%.  

Macro Update: Stats NZ released data about overseas merchandise trade (December 2025). In December 2025, goods exports witnessed a rise of $991 Mn (or 15%) to $7.7 Bn, and goods imports increased $975 Mn to $7.6 Bn. Therefore, the monthly trade balance was a surplus of $52 Mn. Notably, milk powder, butter, and cheese led the increase in exports. The precious metal exports increased $223 Mn in December 2025 to $352 million as compared to December 2024. 

Market Movers: Among top gainers, Burger Fuel Group Limited (NZX: BFG) witnessed a rise of 5.88% to $0.36 per share. On the other hand, Manuka Resources Limited (NZX: MKR) declined by 14.81%.  

Commodity Update: The U.S. dollar was set for a second consecutive weekly decline on Friday, as fresh tariff threats against countries trading with Cuba heightened global uncertainty and weighed on demand for U.S. assets. Commodities weakened, with gold down 1.60% to USD 5,269.00, silver lower by 2.36% to USD 111.65, and copper sliding 2.84% to USD 13,370.00. Meanwhile, Brent crude eased 0.20% to USD 70.50, despite rising Middle East tensions linked to a potential U.S. strike on Iran, a key OPEC producer. 

Source: Trading View, Analysis: Kalkine Group 

In the latest trading session, the S&P/NZX 50 Index rebounded by 74.57 points, or 0.56%, to close at 13,423.19, extending its ongoing consolidation phase. Price action continues to be capped by resistance near the all-time high, while downside pressure remains well supported by the December 2024 peak, highlighting a balanced short-term structure. Importantly, the index is still holding above its previous swing low, a development that suggests the broader bullish trend remains intact despite recent volatility. From a technical perspective, momentum appears to be stabilizing, with buyers continuing to defend key support zones. Looking ahead, near-term resistance is located at the recent peak of 13,757.71, and a decisive breakout above this level would likely reinforce bullish sentiment and open the door for a move toward the psychologically important 14,000 threshold. On the downside, initial support is seen around the 13,250 region, where a sustained hold would help preserve the prevailing positive structure and limit the risk of a deeper corrective move. 

Our Stance: While the global investors are now focusing towards the US President’s preferred candidate for Chair of the US Fed, the emphasis is also towards the trade war with Canada. Notably, the US President plans to decertify all the planes from the country. Also, there would be an imposition of 50% tariffs. Coming to the NZ markets, NZ equities remain sensitive to the geopolitical developments and macro-economic uncertainties. The focus is on announcements impacting the decision to adjust OCR and the earnings releases.