Index Update: On 27th February, the broader NZ market ended higher amidst buying momentum, with favourable momentum witnessed in the IT stocks. On the same day, S&P/NZX 50 Index witnessed a rise of 0.38% to end at 13,722.970 and S&P/NZX 20 Index increased by 0.44% to 7,789.600. Also, S&P/NZX 10 Index encountered an increase of 0.49%. IT sector witnessed buying, with S&P/NZX All Information Technology increasing by 2.70%.     

Macro Update: As per the FEU dated 12 February 2026, NZ’s unemployment rate witnessed a marginal rise of 0.1 percentage point to 5.4% during the quarter ended December. Despite an increase in unemployment, the conditions seem to be improving. Notably, Household Labour Force Survey (HLFS) employment witnessed a rise of 0.5% in the quarter after 5 previous quarters of flat or declining employment.  

Market Movers: Among top gainers, Vista Group International Ltd (NZX: VGL) witnessed a rise of 10.85% to end at $1.89 per share. Steel & Tube Holdings Limited (NZX: STU) declined by 4.42%.   

Commodity Update: China’s central bank acted to moderate the yuan’s recent strength by removing foreign exchange risk reserves on select forward contracts, a step that may support dollar demand. Gold edged up 0.10% to USD 5,199.60, while silver climbed 3.24% to USD 89.78 and copper gained 0.36% to USD 13,347.30. Brent crude slipped 0.40% to USD 70.48 amid extended U.S.–Iran nuclear talks and rising Venezuelan oil sales.  

Source: Charts by TradingView, Analysis: Kalkine Group  

In the most recent session, the S&P/NZX 50 Index continued its advance, rising 52.26 points, or 0.38%, to finish at 13,722.97. The benchmark has already cleared the resistance set by the December 2024 high, which is now evolving into a support area. Looking ahead, the index faces just one notable ceiling around 13,375.71—its previous peak and the key hurdle to registering a fresh high. A decisive move above this level would likely pave the way for further gains, while an inability to break through may result in a period of consolidation between the record high and nearby support. Adding to the constructive technical backdrop, the RSI is rebounding from its neutral zone, indicating a pickup in bullish momentum.  

Our Stance: As of now, the major U.S. indexes have shown volatility, with investors showing caution on high valuations. Furthermore, ongoing tariff/trade concerns and rate expectations are contributing to swings and reducing conviction in sustained rallies. Coming to the NZ equities, the S&P/NZX 50 index has climbed recently, thanks to the solid earnings and exporter strength. Since consumer confidence has softened, the investors remain cautious about near-term equity upside.  

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