Index Update: On 26th January 2025, the broader NZ market ended marginally higher amidst buying in the NZ equities. On the same day, S&P/NZX 50 Index witnessed a rise of 0.09% to end at 13,460.740 and S&P/NZX 20 Index rose by 0.15% to 7,643.070. Also, S&P/NZX 10 Index encountered an increase of 0.26% to 12,831.740. Notably, some buying was witnessed in the healthcare sector, with S&P/NZX All Health Care increasing by 0.73%. However, S&P/NZX All Materials fell by 3.48%.     

Macro Update: As per interim financial statements of the Government of NZ (five months ended 30 November 2025), the gross debt amounted to $221.1 Bn (representing 50.3% of GDP), which was $0.8 Bn higher compared to the forecast. Notably, this variance was mainly because of the timing in nature due to the unsettled trades at 30 November 2025 ($0.6 bn). However, these were settled shortly after the month-end.   

Market Movers: Among top gainers, Manuka Resources Limited (NZX: MKR) rose by 12.50%. On the other hand, Santana Minerals Limited (NZX: SMI) declined by 13.75%.   

Commodity Update: The Japanese yen strengthened sharply, pressuring the U.S. dollar across global markets, as rate checks heightened investor caution over the possibility of the first coordinated U.S.–Japan currency intervention in 15 years. Gold climbed 1.79% to USD 5,106.80, silver jumped 6.31% to USD 107.73, and copper edged up 0.06% to USD 13,178.60. Brent crude rose 0.18% to USD 66.00, following a gain of over 2.00% in the previous session.  

Source: Trading View, Analysis: Kalkine Group  

In the most recent session, the S&P/NZX 50 Index edged higher, recovering modestly from last week’s decline by adding 12.50 points, or 0.09%, to finish at 13,460.73. While the benchmark remains in a corrective phase from its record high, it continues to trade above the ascending trendline that has been in place since April 2025, indicating that the broader bullish trend remains intact. Moreover, the index has already confirmed a decisive breakout above its previous all-time high of 13,747.71, set in November 2025, reinforcing expectations for a renewed upswing. Immediate resistance is seen near the recent peak at 13,757.71, with a sustained move beyond this level likely to open the path toward the psychologically important 14,000 mark.  

Our Stance: While the US investors are concerned about the President Trump’s tariff threats on Canadian goods, they need to also monitor the critical earnings reports as well as the monetary policy meeting. Some of the well-established companies are set to report their earnings, which might decide the broader market momentum. Coming to the NZ markets, the geopolitical tensions as well as global uncertainties will continue to impact the NZ equities. Notably, Stats NZ is expected to report labour market statistics (December 2025 quarter) on 4th February.  

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