Source: Krish Capital Pty Ltd

Index Update: On 12th September 2025, the broader NZ market closed the trading session on a flat note as S&P/NZX 50 Index witnessed a marginal decline of 0.01% to end at 13,227.900. On the same day, S&P/NZX 20 Index rose by 0.01% to 7,655.420 and S&P/NZX 10 Index declined by 0.19% to 12,754.860. Notably, strong buying was witnessed in the technology sector and S&P/NZX All Information Technology rose by 1.41%.  

Macro Update: Stats NZ released data about electronic card transactions (August 2025). The spending in the retail industries rose 0.7% (or $45 Mn) as compared to July 2025. Over the same period, spending in the core retail industries rose 0.9% (or $55 Mn). By the retail spending category, hospitality witnessed a rise of 1.4% and durables rose by 0.5%.   

Top Market Movers: Among top gainers, Vital Limited (NZX: VTL) witnessed a rise of 11.69% to end at $0.43 per share. On the other hand, Spark New Zealand Limited (NZX: SPK) declined by 2.87%.  

Commodity Update: The dollar weakened Friday as higher U.S. jobless claims and a slight rise in inflation reinforced expectations of Federal Reserve rate cuts. Gold gained 0.23% to $3,685.85, silver climbed 0.87% to $42.51, and copper edged up 0.16% to $10,080.20. Brent crude slipped 0.50% to $66.03, pressured by weak demand and ample supply, though supported by geopolitical tensions in Russia-Ukraine and the Middle East, alongside potential U.S. sanctions on Moscow. 

Source: Trading View, Analysis: Kalkine Group 

After beginning a short-term rally in April 2025, the S&P/NZX 50 index has recently revisited its 2024 peak at 13,270. Additionally, the index continues to register higher highs and higher lows, signaling that the uptrend is still intact. A decisive break above this resistance would strengthen bullish momentum and potentially pave the way for a test of the all-time high at 13,636. On the downside, immediate support lies at 12,750, with a breach of this level serving as an early warning signal. Meanwhile, the 14-day Relative Strength Index (RSI) is heading north from its midpoint, reflecting a positive market sentiment. 

Our Stance: RBNZ stated that NZ’s economic recovery stalled in Q2 of the year. Notably, there are upside and downside risks to the broader economic outlook. RBNZ also stated that the cautious behaviour by households and businesses might further dampen the economic growth. The headline inflation is anticipated to return to around the 2% target mid-point by mid-2026. Therefore, the investors are required to maintain a cautious stance.  

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