Buying in Financials Sector Supports NZ Market

Index Update: On 27th January, the broader NZ market closed in green amidst buying in the financials sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.37% to close at 13,510.880 and S&P/NZX 20 Index increased by 0.49% to end at 7,680.470. Also, S&P/NZX 10 Index encountered an increase of 0.50% to 12,896.110. Notably, financials sector witnessed buying, with S&P/NZX All Financials rising by 2.54%.     

Macro Update: As per Weekly Global Economic Roundup (27 January 2026) released by New Zealand Foreign Affairs & Trade, the people of NZ have been booking international return travel in record numbers as per House of Travel. This hints at increased consumer confidence and disposable incomes. Also, it reflects the increasing importance of services trade, mainly tourism, aviation, and travel related services.   

Market Movers: Among top gainers, Michael Hill International Ltd (NZX: MHJ) witnessed a rise of 12.05% to end at $0.465 per share. On the other hand, New Talisman Gold Mines Limited (NZX: NTL) declined by 4.35%.   

Commodity Update: The yen held firm on Tuesday after two consecutive sessions of sharp gains, keeping traders alert to the risk of coordinated currency intervention by authorities in the United States and Japan. Yen strength weighed on the dollar, which hovered near a four-month low amid concerns over a potential United States government shutdown and policy uncertainty. Gold declined 0.43% to USD 5,100.80, silver slipped 5.11% to USD 109.70, copper eased 1.56% to USD 13,037.00, while Brent crude fell 0.60% to USD 65.22.  

Source: Trading View, Analysis: Kalkine Group  

In the latest trading session, the S&P/NZX 50 Index extended its gradual advance, gaining 50.16 points, or 0.37%, to close at 13,510.89. Although the index is still consolidating after retreating from its record high, it continues to hold above the rising trendline established since April 2025, suggesting that the underlying bullish structure remains intact. In addition, the benchmark has already confirmed a firm breakout above its prior all-time high of 13,747.71 recorded in November 2025, supporting the outlook for a resumption of upward momentum. Near-term resistance is located around the recent high at 13,757.71, and a sustained break above this level could clear the way for an advance toward the key psychological threshold of 14,000.  

Our Stance: Amidst a strong rally in the gold prices, the global market players continue to eye the earnings from the large technology companies and the US Fed’s decision. Coming to the NZ markets, across Tasman, it seems that the ANZ investors would be closely tracking the Consumer Price Index (Australia) data, which is expected to be released on 28th January. The NZ markets might get impacted by the global economic events in the upcoming trading sessions.