Broader NZ Market Ends in Red: A Quick Look

Index Update: On 28th January, the broader NZ market ended in red amidst selling in the real estate sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.73% to end at 13,412.870 and S&P/NZX 20 Index fell by 0.77% to 7,621.160. Also, S&P/NZX 10 Index encountered a fall of 0.74% to 12,800.970. Notably, S&P/NZX Real Estate Select Index fell by 1.87% to end at 1,710.500 and S&P/NZX All Real Estate declined 1.84%.     

Macro Update: Stats NZ released data about employment indicators (December 2025) in which there were 2.38 million actual filled jobs, reflecting a fall of 1,505 jobs (or 0.1%) as compared to December 2024. By industry, the largest changes (compared with December 2024) in the number of filled jobs were in construction (down by 3.1%), health care and social assistance (up by 1.9%), etc.   

Market Movers: Among top gainers, Santana Minerals Limited (NZX: SMI) witnessed a rise of 8.94% to end at $1.34 per share. On the other hand, Minerals Exploration Limited (NZX: MEX) declined by 6.67%.   

Commodity Update: The U.S. dollar hovered near four-year lows on Wednesday, facing a growing crisis of confidence after President Donald Trump downplayed its recent weakness, which accelerated selling pressure and boosted the yen, euro, and sterling. Gold surged 3.07% to USD 5,277.10, silver jumped 8.69% to USD 115.12, and copper rose 1.35% to USD 13,205.40. Brent crude gained 0.10% to USD 67.66, supported by tighter U.S. supplies amid extreme cold.  

Source: Trading View, Analysis: Kalkine Group  

In the most recent trading session, the S&P/NZX 50 Index pulled back sharply after two consecutive advances, declining 98.01 points, or 0.73%, to close at 13,395.02. Although the index briefly breached the rising trendline that has been in place since April 2025, this move may signal the start of a consolidation phase, bounded by resistance near its record high and solid support at the December 2024 peak. Nevertheless, the benchmark continues to trade above its prior swing low, indicating that the broader uptrend remains intact. Near-term resistance is seen at the recent high of 13,757.71, with a sustained breakout above this level likely to open the path toward the key psychological milestone of 14,000. On the downside, immediate support is located around 13,250, and holding above this level would help preserve the prevailing bullish structure.  

Our Stance: As of now, it seems that investors have been eagerly waiting for the US Fed’s rate decision, which could decide the momentum for the broader equities. Amidst policy adjustments, earnings from the big technology companies should also be tracked. With respect to NZ, it could be said that the markets were impacted by the inflation fears. Notably, ABS (Australian Bureau of Statistics) reported that the CPI increased 3.8% in the 12 months ended December 2025, an increase from 3.4% rise in the 12 months ended November 2025.