Broader NZ Market Ends in Red: A Quick Look

Image Source : Krish Capital Pty Ltd

Index Update: On 10th July 2025, the broader NZ market ended the trading session in red amidst selling in the consumer staples sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.07% to end at 12,760.200 and S&P/NZX 20 Index fell by 0.11% to 7,464.500. Also, S&P/NZX 10 Index encountered a decline of 0.18% to 12,397.430. Significant selling was witnessed in the consumer staples sector and S&P/NZX All Consumer Staples fell by 1.11% to 3,359.900.    

Macro Update: As per provisional estimates released by Stats NZ, there was a net migration loss of 30,000 people from NZ to Australia in the December 2024 year, similar to the loss of 29,400 in 2023. Stats NZ also stated that the net migration loss in 2024 was made up of 47,300 migrant departures to Australia as well as 17,300 migrant arrivals from Australia. This compared with 46,000 migrant departures to Australia as well as 16,600 migrant arrivals from Australia in 2023.     

Top Market Movers: Among top gainers, Rua Bioscience Limited (NZX: RUA) witnessed a rise of 8.00% to $0.0270 per share. On the same day, Blis Technologies Limited (NZX: BLT) declined by 5.26% to $0.018 per share.   

Commodity Update: The U.S. dollar eased from a two-week high on Thursday after President Trump’s new tariff threats had limited market impact. Gold edged up 0.25% to $3,328.70, silver rose 0.17% to $36.69, and copper gained 0.35% to $9,667.50. Brent crude dipped 0.10% to $70.09 as investors weighed fresh U.S. tariff announcements and a sharp increase in crude inventories, which raised concerns about demand.  

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 sell-off in the consumer staples sector impacted the broader NZ market on 10 July. As of now, the broader global markets are being impacted the news related to the tariffs. The US President announced that the tariff on copper imports is expected to take effect on August 1. Apart from this, the investors are required to consider the data impacting the decision of the US Federal Reserve related to the rate cuts. On July 14, Stats NZ would be releasing data about electronic card transactions (June 2025).