NZ Market Closes on a Flat Note

Index Update: On 9th February, the broader NZ market ended on a flat note amidst decline in the communications services sector. On the same day, S&P/NZX 50 Index witnessed an increase of 0.02% to end at 13,446.370 and S&P/NZX 20 Index declined by 0.01%. Also, S&P/NZX 10 Index encountered a decline of 0.09% to close at 12,894.970. Also, S&P/NZX All Communications Services witnessed a fall of 2.86%.     

Macro Update: As per the FEU dated 29 January 2026, the activity and sentiment data remains consistent with the broader cyclical economic recovery. As per the IMF’s latest update, while the global growth outlook remains steady, the geopolitical developments as well as wide fiscal deficits were considered as risk factors.  

Market Movers: Among top gainers, Pacific Edge Limited (NZX: PEB) witnessed a rise of 10.22% to end at $0.205 per share. On the other hand, Manuka Resources Limited (NZX: MKR) declined by 29.55%.  

Commodity Update: The Japanese yen strengthened in Asian trading on Monday after a decisive election victory lifted expectations of fiscal stimulus, snapping a six-day losing streak. Gold rose 1.19% to USD 5,038.90, silver jumped 5.09% to USD 80.92, and copper edged 0.01% higher to USD 13,052.00. Brent crude slipped 0.70% to USD 67.57 amid easing Middle East tensions, a resilient dollar, and caution ahead of key U.S. and China data. 

Source: Trading View, Analysis: Kalkine Group 

Despite a sharp decline early in the session, the S&P/NZX 50 Index erased all of its intraday losses and finished near its opening level, edging up just 3.35 points, or 0.02%. This price action formed a Dragonfly Doji and reinforced the market’s ongoing sideways movement. Overall, the benchmark continues to trade within a consolidation phase, constrained by resistance near its record high while being underpinned by firm buying interest around the December 2024 peak, resulting in a broadly neutral near-term outlook. Notably, the index remains above its previous swing low, indicating that the broader bullish trend is still intact despite recent volatility. From a technical perspective, momentum has cooled, but buying interest continues to surface near key support zones. Looking ahead, immediate resistance is seen at the recent high of 13,757.71; a decisive breakout above this level would strengthen bullish conviction and potentially pave the way toward the psychological 14,000 mark. On the downside, initial support is concentrated around the 13,250 area, where sustained holding would help maintain the constructive technical structure and reduce the risk of a deeper correction. 

Our Stance: Amidst the volatility in the global markets, the investors are now entering an important week of macroeconomic releases. On February 11, the US employment report (January) is expected to be released, while initial jobless claims would be released on February 12. Coming to NZ, recent FEU highlighted that inflation has edged above RBNZ’s target band. However, it is still expected to ease over 2026. Moving forward, the global market trends are expected to continue to impact the broader NZ markets.