Index Update: On 22nd October 2025, the NZ market ended the session in red amidst selling in the materials sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.53% to end at 13,306.440 and S&P/NZX 20 Index fell by 0.46% to close at 7,641.120. Notably, S&P/NZX 10 Index encountered a fall of 0.55%. Materials sector encountered selling pressure and S&P/NZX All Materials declined by 2.80%.  

Macro Update: Stats NZ released data about overseas merchandise trade (September 2025). In September 2025, goods exports witnessed a rise of $928 Mn (or 19%) to $5.8 Bn and goods imports rose by $116 Mn (or 1.6%) to $7.2 Bn. Therefore, the monthly trade balance was the deficit of $1.4 Bn.  

Market Movers: Among top gainers, Black Pearl Group Limited (NZX: BPG) rose by 7.39% to end at $1.235 per share. On the other hand, Uvre Limited (NZX: UVA) declined by 23.33%.  

Commodity Update: The U.S. dollar slipped in early Asian trade on Wednesday, retreating from a one-week high against the yen as a rebound in gold prices prompted portfolio rebalancing among safe-haven assets. Gold rose 0.44% to USD 4,126.59 per ounce, silver gained 1.00% to USD 48.18, and copper edged up 0.03% to USD 10,614.60. Brent crude climbed 0.29% to USD 61.50 amid supply risks, trade optimism, and U.S. reserve purchases. 

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. While the index is presently experiencing a modest pullback, its ability to hold above this newly established support suggests that the broader uptrend remains intact and the overall technical outlook continues positive. 

Our Stance: It could be said that selling pressure in the materials sector somewhat impacted the broader NZ market on 22nd October. It seems that the broader US markets would be influenced by the investors’ sentiments and the upcoming earnings reports. RBNZ stated that the economic activity through the middle of 2025 remained weak. In part, this demonstrates domestic constraints on the supply of goods as well as services in some industries, and the impact of global economic policy uncertainty.  

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