NZ Market Closes Marginally Lower

index Update: On 14th April, the broader NZ market ended slightly lower amidst selling in the consumer staples sector, with S&P/NZX 50 index declining by 0.02% to 13,017.260 and S&P/NZX 20 index falling by 0.29% to close at 7,327.060. On the same day, S&P/NZX 10 index encountered a fall of 0.34% to 12,558.780. S&P/NZX All Consumer Staples witnessed a decline of 1.25% to 4,192.840.   

Macro Update: As per FEU dated 9th April, margins in the domestic sector remain under pressure due to subdued Demand, which restricts pricing power, alongside ongoing cost challenges. At the same time, cost-of-living pressures have tightened household budgets, prompting consumers to prioritize value, thereby forcing businesses to depend more on higher volumes to drive profitability.  

Market Movers: Among top gainers, Green Cross Health Limited (NZX: GXH) witnessed a rise of 20.97% to end at $1.50 per share. On the other hand, Locate Technologies Limited (NZX: LOC) declined by 13.04% to close at $0.02 per share.  

Commodity Update: Asian stocks moved higher on Tuesday, while oil prices and the safe-haven U.S. dollar weakened after Washington said it remained engaged with Tehran despite blocking Iran’s ports following failed peace talks. Gold rose 0.49% to USD 4,790.90 per ounce, silver gained 1.44% to USD 76.73, and copper added 0.24% to USD 13,048.00. Brent Crude slipped 0.76% to USD 98.62 a barrel after briefly moving back above USD 100.00.  

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Source: Charts by TradingView, Analysis: Kalkine Group   

The S&P/NZX 50 index exhibited notable intraday Volatility in the latest session but ultimately closed mostly unchanged, edging down just 2.94 points, or 0.02%, thereby forming a clear indecision candle. From a technical standpoint, the recent pullback has breached the immediate support at 13,073.68, signalling a potential breakdown of the short-term uptrend that originated from the latest trough. In addition, the 14-period RSI has fallen back below its midpoint, indicating weakening momentum and reinforcing the negative bias. In contrast, a decisive and sustained break above 13,339.06, corresponding to the mid-March high, accompanied by increased trading Volume, would be required to invalidate the current negative outlook and point to the possibility of a trend Reversal.  

Our Stance: The US markets are being influenced by resilient economic data and expectations of Interest Rate cuts from the Federal Reserve. However, gains remain narrow and Volatility persists due to Inflation concerns and geopolitical risks. Coming to NZ, the markets are being weighed by slowdown concerns, and geopolitical tensions. RBNZ stated that, in New Zealand, the short-term rise in headline Inflation will largely depend on how the Middle East conflict unfolds, as well as the scale and persistence of disruptions to global Supply chains and energy markets.