Is NZX Signaling a Comeback? Why Markets Closed Higher Today

index Update: On 30th April, the broader NZ market ended significantly higher, with strong buying in the real estate sector. On the same day, S&P/NZX 50 index witnessed a rise of 1.04% to end at 12,903.310 and S&P/NZX 20 index increased by 1.05% to 7,286.860. Also, S&P/NZX 10 index encountered an increase of 1.01%. Notably, S&P/NZX Real Estate Select index rose by 1,620.540.    

Macro Update: As per the FEU dated 23 April 2026, March quarter CPI indicated that annual Inflation remained steady at 3.1%. While the initial impact of rising fuel prices was limited, Inflation is expected to increase in the June quarter. With economic momentum still soft and some slack in the labour market, it remains uncertain how much higher fuel costs will pass through to broader price and wage pressures.   

Market Movers: Among top gainers, Blis Technologies Limited (NZX: BLT) witnessed a rise of 6.25% to end at $0.017 per share. On the other hand, Michael Hill International Ltd (NZX: MHJ) declined by 4.12% to $0.465 per share.  

Commodity Update: The U.S. dollar hovered near a two-week high on Thursday as hawkish remarks from Federal Reserve officials pushed bond yields to a one-month peak. The Japanese yen weakened past 160 per dollar, increasing the likelihood of potential intervention. Gold rose 0.28% to USD 4,574.60, silver gained 0.86% to USD 72.70, and copper advanced 0.45% to USD 13,053.00. Brent Crude declined 1.91% to USD 119.94 amid concerns over prolonged Middle East Supply disruptions due to stalled U.S.-Iran tensions.  

Source: Charts by TradingView, Analysis: Kalkine Group   

After a significant hesitation session near the immediate support established by its previous trough, the S&P/NZX 50 index rebounded strongly in the latest Trading session, rising 133.00 points, or 1.04%, to close at 12,903.31. Despite this rebound, from a technical standpoint, the broader downtrend originating from the January 2026 high of 13,757.71 may remain intact, as the price is still trading below the nearest resistance at the mid-March high of 13,339.06. In addition, the 14-period RSI remains below its midpoint, signalling waning momentum and reinforcing a short-term negative outlook. Immediate support is identified at the prior trough of 12,689; a decisive break below this level would confirm a continuation of the existing downtrend. On the other hand, a sustained breakout above the mid-March high of 13,339.06, supported by increased Volume, would be necessary to negate the bearish scenario and indicate a potential Reversal.  

Our Stance: The US markets are currently moving in a mixed, range-bound trend, driven mainly by uncertainty around interest rates, Inflation, and global growth. Strong performance in large-cap tech is supporting indices, while cyclical and smaller stocks remain volatile. Coming to NZ, the recent rise in the market was driven by a technical rebound, selective large-cap buying, and improved risk sentiment. Overall, the outlook remains cautiously positive with gradual upside potential as conditions stabilise.