NZ Markert Ends Marginally Higher

Index Update: On 10th November 2025, the broader NZ market ended marginally higher as S&P/NZX 50 Index witnessed a rise of 0.13% to end at 13,617.480. Notably, some buying was also witnessed in the energy sector. S&P/NZX 20 Index and S&P/NZX 10 Index encountered a rise of 0.23% and 0.25%, respectively. On the same day, S&P/NZX All Energy rose by 1.96% to end at 2,392.100. On the other hand, S&P/NZX Real Estate Select Index fell by 1.12%.    

Macro Update: As per the FEU dated 6 November 2025, the labour market data demonstrates spare capacity but there are also signs of improvement in the labour demand. Notably, the economy has been showing recovery signs as some of the more interest rate sensitive sectors continue to reveal more positive business conditions.   

Market Movers: Among top gainers, Manuka Resources Limited (NZX: MKR) witnessed a rise of 11.29% to end at $0.069 per share. On the other hand, Being AI Limited (NZX: BAI) declined by 5.77%.   

Commodity Update: The U.S. dollar held steady in early Asian trade as weak economic data fueled global growth concerns, though hopes of a possible U.S. government deal limited safe-haven demand. Precious metals strengthened, with gold up 1.17% to USD 4,057.00, silver rising 1.99% to USD 49.07, and copper gaining 0.87% to USD 10,789.00. Brent crude increased 0.74% to USD 64.10 on expectations that a resolution to the U.S. shutdown could boost demand.  

Source: Trading View, Analysis: Kalkine Group  

Following a brief corrective phase within a well-established broader uptrend marked by a consistent pattern of higher highs and higher lows, the S&P/NZX 50 Index has recently staged a breakout above its 2024 peak at 13,270. This upward breach confirms the continuation of the prevailing bullish structure and signals the potential for renewed upside momentum. Technically, the breakout opens the way for a possible retest of the all-time high at 13,636. Importantly, the former resistance level at 13,270 has now transitioned into a key support zone, which could underpin the next leg of the advance. Moreover, after experiencing a modest pullback, the index is presently rebounding from this newly established support suggests that the broader uptrend remains intact and the overall technical outlook continues positive.  

Our Stance: While global investors are concerned about overspending on the broad-based AI initiatives, as of now, the sentiments of investors are expected to be supported by the progress made on ending the government shutdown. In NZ, as per the recent FEU, the business confidence witnessed some improvement in the retail sector. However, the consumers are reluctant to purchase large items. Furthermore, the improvement in some sentiment indicators in the construction sector seems to be encouraging.