Image Souce: Krish Capital Pty Ltd
Index Update: On 29th October 2024, the broader NZ market ended higher amidst significant buying in the IT sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.09% to end the session at 12,783.360 and S&P/NZX 20 Index increased by 0.20% to 7,734.020. Also, S&P/NZX 10 Index rose by 0.06%. S&P/NZX All Information Technology encountered a rise of 3.27% to 2,661.060. On the other hand, S&P/NZX All Energy fell by 4.28%.
Macro Update: Stats NZ released employment indicators (September 2024). By industry, the largest changes in the number of filled jobs as compared to September 2023 were witnessed in health care and social assistance (up 3.9 percent), construction (down 5.0%), administrative and support services (down 6.8%) and accommodation and food services (down 3.8%). In September 2024 compared to September 2023, the number of filled jobs declined by 1.6% for men and by 0.8% for women.
Top Market Movers: Among top gainers, Being AI Limited (NZX: BAI) witnessed a rise of 19.23% to end the session at $0.620 per share and Third Age Health Services Limited (NZX: TAH) increased by 16.85% to NZ$2.15 per share. On the other hand, Metro Performance Glass Limited (NZX: MPG) declined by 9.09%.
Commodity Update: On Tuesday, the dollar eased slightly but remained close to recent highs ahead of key U.S. economic data that could influence Federal Reserve policy. Solid U.S. economic indicators and potential political shifts, including stronger prospects for a Trump win, may support a higher dollar/yen in the coming weeks. In commodities, gold rose 0.25% to $2,762.75 per ounce, silver increased 0.10% to $34.04, while copper slipped 0.18% to $9,542.00 per ton. Brent crude futures climbed 0.7% to $71.94 a barrel, recovering after recent losses due to easing Middle East conflict concerns. Investors are closely watching upcoming GDP data and election developments.

Source: Trading View, Analysis: Kalkine Group
In July 2024, the S&P/NZX 50 index broke above both the neckline of a Head and Shoulders pattern on the daily chart and a key resistance level at its 2023 high. This breakout suggests that the uptrend, which began in November 2023, is likely to continue and may drive the index toward its 2021 historical high. Moreover, the index recently surpassed its previous peak, providing more support to the previous recommendation. Additionally, the 14-day Relative Strength Index (RSI) is trading above its midpoint, indicating positive market sentiment in the short term.
Our Stance: It could be said that the broader NZ market was helped by the buying in the IT sector. It seems that the NZ markets are expected to be influenced by the global markets over the remainder of the week. The US markets would be influenced by the earnings reports from the established and renowned companies. Moreover, the US macro-economic releases expected to be released this week would also affect the global and NZ markets.






Please wait processing your request...