Index Update: On 18th November 2025, the broader NZ market closed the trading session in red amidst selling in the utilities sector. On the same day, S&P/NZX 50 Index witnessed a decline of 1.16% to end at 13,342.820 and S&P/NZX 20 Index fell by 1.37% to close at 7,631.010. Notably, S&P/NZX 10 Index encountered a decline of 1.42% to end at 12,719.440. Significant selling was witnessed in the utilities sector and S&P/NZX All Utilities fell by 1.90%.  

Macro Update: As per FEU dated 6th November, the Reserve Bank’s Financial Stability Report showcased the impact on businesses because of several years of weak demand. The businesses mainly include the retail, hospitality and construction sectors. Even though the impact is not as severe as the GFC, loan arrears as well as business liquidations have been high. That being said, the reduced rates and high agricultural exports prices continue to support other sectors. 

Market Movers: Among top gainers, Sanford Limited (NZX: SAN) witnessed a rise of 5.04% to end at $6.46 per share. On the other hand, Manuka Resources Limited (NZX: MKR) declined by 11.39% to close at $0.07 per share. 

Commodity Update: The yen weakened to a nine-month low in early Asian trade on Tuesday as fading expectations of a Fed rate cut next month boosted the dollar. Precious metals retreated, with gold down 1.32% to USD 4,020.40, silver slipping 2% to USD 49.68, and copper easing 0.43% to USD 10,733.10. Brent crude dipped 0.40% to USD 63.92 as supply concerns eased after Russian export loadings resumed. 

Source: Trading View, Analysis: Kalkine Group 

The S&P/NZX 50 Index fell 156.22 points, or 1.16%, in the latest trading session, breaking below its 50-day SMA and signaling short-term weakness. Despite this near-term negative development, the index remains above a key support zone defined by the 2024 peak and continues to maintain a structure of higher highs and higher lows, indicating that the broader uptrend is still intact. Immediate support is located at 13,270 points. If the index holds above this level, the overall bullish trend remains favorable, with a strong likelihood of another push higher toward the all-time high at 13,725 points. However, if this support fails, the next downside objective may emerge around the 13,000-point area before the longer-term uptrend potentially resumes. 

Our Stance: It could be said that selling in the utilities sector weighed over the broader NZ market on 18th November 2025. While the expectations of the rate cut by the US Fed in December continues to fade, it seems that the investors and traders have been taking a cautious approach. Moving forward, the macro-economic factors would continue to shape the outlook for the global and NZ equities. On November 21, the data about overseas merchandise trade (October 2025) is expected to be released by Stats NZ.  

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