Index Update: On 27th November 2025, the broader NZ market ended the trading session in red amidst selling in the energy sector. On the same day, S&P/NZX 50 Index witnessed a fall of 0.96% to end at 13,432.200 and S&P/NZX 20 Index fell by 1.03% to 7,674.250. Also, S&P/NZX 10 Index encountered a decline of 1.11% to end at 12,801.980. Notably, strong selling was witnessed in the energy sector and S&P/NZX All Energy declined by 2.87%.  

Macro Update: As per Stats NZ, the total volume of retail sales in NZ rose by $472 Mn (or 1.9%) in the September 2025 quarter as compared to June 2025 quarter. Notably, motor vehicle and electrical and electronic goods retailing witnessed the largest increases this quarter.  

Market Movers: Among top gainers, Blis Technologies Limited (NZX: BLT) witnessed a rise of 21.43% to end at $0.017 per share. Pacific Edge Limited (NZX: PEB) declined by 5.88%.  

Commodity Update: The dollar weakened on Thursday in thin holiday trade as markets looked ahead to 2025, with multiple U.S. rate cuts already priced in. Gold slipped 0.56% to USD 4,178.70, silver eased 0.29% to USD 52.76, and copper dipped 0.17% to USD 10,946. Brent crude fell 0.30% to USD 62.92 on optimism around a possible Ukraine-Russia ceasefire that could eventually ease sanctions on Russian supply. 

Source: Trading View, Analysis: Kalkine Group 

In the latest trading session, the S&P/NZX 50 Index extended the selling pressure from its historical high by falling 129.80 points (0.96%) to close at 13,432.20. Even with this pullback, the index continues to trade comfortably above a key support zone near the 2024 peak, preserving a constructive short-term outlook. As long as price action stays above this major support, the broader uptrend that began in October 2023 remains intact. The nearest support sits at 13,270, and holding above this level would maintain the bullish structure and increase the chances of another attempt at the record high. Conversely, a decisive move below 13,270 could pave the way for a deeper pullback toward the 13,000 region before the longer-term uptrend potentially resumes. 

Our Stance: It could be said that selling in the energy sector somewhat impacted the NZ market on 27th November. As of now, the expectations for rate cut in the next month continue to increase, providing some support to the broader US markets. Talking about the NZ markets, RBNZ recently highlighted that there are some early signs of stabilisation in labour demand, with job vacancies and total hours worked increasing in the quarter ended September.  

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