Index Update: On 17th November 2025, the broader NZ market ended the session higher amidst buying in the utilities sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.26% to end at 13,499.040 and S&P/NZX 20 Index rose by 0.35% to 7,737.080. Also, S&P/NZX 10 Index encountered an increase of 0.15% to 12,902.150. S&P/NZX All Utilities rose by 0.85% to end at 3,873.620.     

Macro Update: As per Stats NZ, food prices witnessed a rise of 4.7% during the 12 months ended October 2025, after the 4.1% increase in the 12 months ended September 2025. Notably, increased prices for grocery food group, which rose by 4.9%, contributed the most to the annual rise in food prices. However, this was followed by meat, poultry, and fish, which increased by 7.6% annually.   

Market Movers: Among top gainers, Trade Window Holdings Limited (NZX: TWL) witnessed a rise of 9.38% to end at $0.35 per share. On the other hand, Comvita Limited (NZX: CVT) declined by 7.55%.   

Commodity Update: The dollar edged higher on Monday as traders awaited a wave of U.S. economic data after the government shutdown ended, seeking clearer cues on the Fed’s December rate outlook. Gold dipped 0.40% to USD 4,078.40, while silver inched up 0.08% to USD 50.72, and copper was nearly flat at USD 10,837.40. Brent crude slipped 0.90% to USD 63.81 as exports resumed at Russia’s Novorossiysk port.  

Source: Trading View, Analysis: Kalkine Group  

Following a short pullback within a firmly established long-term uptrend marked by steady higher highs and higher lows, the S&P/NZX 50 Index has climbed above its 2024 peak at 13,270. This breakout reinforces the prevailing bullish structure and suggests room for further gains. Technically, the move opens the way for a potential retest of the all-time high at 13,636. The former resistance at 13,270 has now shifted into an important support zone, potentially providing a base for the next leg higher. Despite experiencing a mild correction, the index continues to register higher highs and higher lows, confirming that the broader uptrend remains intact and the overall technical outlook is still constructive.  

Our Stance: It could be said that buying in the utilities sector somewhat helped the broader NZ market on 17th November. As of now, the investors and traders are keeping a close eye on the economic data which could provide some hints about the outlook for the US Fed’s policy. That being said, there seems to be some uncertainty in the broader market due to the trade outlook. Amidst these factors, the focus should also be on the corporate earnings.  

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