Broader NZ Market Witnesses Marginal Increase

Index Update: On 11th December, the broader NZ market ended marginally higher amidst buying momentum. On the same day, significant buying was witnessed in the energy sector and S&P/NZX All Energy witnessed an increase of 1.44% to end at 2,594.510. S&P/NZX 50 Index encountered a rise of 0.19% to end at 13,395.870 and S&P/NZX 20 Index rose by 0.08% to 7,616.960. Also, S&P/NZX 10 Index witnessed an increase of 0.01%.     

Macro Update: As per FEU dated 4 December 2025, the September quarter trade data demonstrated that goods export volumes increased 3.4% in the quarter, after declining 3.1% in the June quarter. Notably, Dairy (which was up 6.5%) and non-food manufacturing (which was up 6.6%) led this increase. However, import volumes declined 1.2%, hinting at a solid net exports contribution to September quarter GDP.   

Market Movers: Among top gainers, Winton Land Limited (NZX: WIN) witnessed a rise of 5.26% to end at $2.10 per share. On the other hand, Rua Bioscience Limited (NZX: RUA) declined by 6.90%.   

Commodity Update: The dollar weakened on Thursday after the Fed cut rates by 25 bps. It delivered an outlook that was less hawkish than expected, encouraging broader utilisation of short positions and expectations of two more cuts next year. Gold rose 0.33% to USD 4,238.45, silver gained 2.37% to USD 62.52, and copper increased 0.49% to USD 11,623.00. Brent crude added 0.40% to USD 62.48 after the U.S. seized a sanctioned tanker near Venezuela, raising supply concerns.  

Source: Trading View, Analysis: Kalkine Group 

The S&P/NZX 50 Index posted a mild rebound in the latest session, rising 24.83 points, or 0.19%, after two consecutive declines, and continued to consolidate between its record high and the major support zone near the 2024 peak. Despite a recent pullback, the index is still forming a sequence of higher highs and higher lows and remains comfortably above this critical support area, sustaining a constructive short-term outlook. Provided the index stays above this key level, the broader uptrend that began in October 2023 remains intact. Initial support lies at 13,270; holding this zone would maintain the bullish bias and enable another attempt at the all-time high. Conversely, a decisive break below 13,270 may signal a deeper correction, exposing downside risk toward the 13,000 region before the longer-term uptrend reasserts itself.  

Our Stance: As of now, it seems that the broader US markets cheered the rate cut by the US Fed. The Fed decided to cut the rate by a quarter percentage point. That being said, the US Fed hinted that the rates might remain same for the upcoming months. Moving forward, the macro-economic factors and health of the global economy are expected to define trades in NZ equities. On December 18, Stats NZ is expected to release data about gross domestic product (September 2025 quarter).