Broader NZ Market Ends on a Flat Note

Index Update:  On 12th December, the broader NZ market closed on a flat note amidst buying momentum in the materials sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.08% to end at 13,406.910 and S&P/NZX 20 Index increased by 0.09% to close at 7,623.540. On the other hand, S&P/NZX 10 Index declined marginally by 0.13% to 12,741.940. Notably, S&P/NZX All Materials encountered an increase of 1.05% to close at 1,102.840.     

Macro Update:  Stats NZ released data about electronic card transactions (November 2025). For the November 2025 month, spending in the retail industries rose 1.2% (or $86 Mn) compared to October 2025. Over the same period, the spending in the core retail industries rose 1.1% ($67 million). With respect to the category, durables were up by $35 Mn (or 2.1%), apparel rose by $11 Mn (or 3.4%), etc.   

Market Movers:  Among top gainers, Promisia Healthcare Limited (NZX: PHL) witnessed an increase of 8.70% to end at $0.50 per share. On the other hand, TruScreen Group Limited (NZX: TRU) declined by 11.11% to $0.016 per share.  

Commodity Update:  The U.S. dollar is heading for its third consecutive weekly decline, pressured by expectations of rate cuts next year after the Federal Reserve pushed back against hawkish market bets, boosting the euro and sterling to their highest levels since October. Gold fell 0.20% to USD 4,304.25, silver dropped 0.88% to USD 63.98, and copper slipped 0.26% to USD 11,840.75. Brent crude rose 0.50% to USD 61.61 amid potential U.S. action on Venezuelan oil tankers. 

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index posted a second consecutive day of gains, climbing a modest 11.02 points, or 0.08%. With the current movement, the index is still in a consolidating phase, fluctuating between its recent record peak and a significant support area anchored around the 2024 high. Technically, the index maintains a constructive short-term outlook, as evidenced by a consistent pattern of higher highs and higher lows, and it is holding firmly above the critical support zone. Provided the index stays above this key level, the broader uptrend that began in October 2023 remains intact. The immediate support level is identified at 13,270; holding this mark is essential to sustain the bullish momentum and facilitate a renewed challenge of the all-time high. However, a definitive drop below 13,270 would suggest a more substantial correction, potentially driving the index lower toward the 13,000 level before the broader uptrend is expected to resume.  

Our Stance: As of now, there seems to be some sort of optimism in the broader global markets after the US Fed’s decision to cut the rates. Furthermore, the broader US markets are also being influenced by the earnings reports. Coming to NZ, RBNZ recently stated that weak economic activity led to a significant spare capacity opening in the economy since mid-2024. Also, unemployment and measures of labour underutilisation have witnessed an increase.