NZ Market Ends Flat Amid Mixed Sector Performance

index Update: On 29th April, the broader NZ market ended on a flat note, with S&P/NZX 50 index rising by just 0.05% to end at 12,770.300 and S&P/NZX 20 index increasing by 0.12% to 7,210.870. On the same day, S&P/NZX 10 index witnessed a rise of 0.39% to 12,281.020. Notably, significant selling was witnessed in the consumer staples sector, with S&P/NZX All Consumer Staples falling by 1.70%.   

Macro Update: As per Stats NZ, the cost of living for an average New Zealand household rose 2.1% in the year to the March 2026 quarter. The 2.1% rise, as measured by the household living-costs price indexes (HLPIs), follows a 2.2% increase recorded in the 12 months to the December 2025 quarter. Lower interest payments for households were the primary Factor behind the smaller rise in the cost of living compared with New Zealand’s overall Inflation rate.  

Market Movers: Among top gainers, Chatham Rock Phosphate Limited (NZX: CRP) witnessed a rise of 11.48% to end at $0.068 per share. On the other hand, Synlait Milk Limited (NZX: SML) declined by 7.78% to $0.415 per share.   

Commodity Update: The dollar firmed on Tuesday as investors assessed a deadlock in U.S.–Iran talks alongside key Central Bank rate decisions this week. Gold slipped 0.04% to 4606.60, while silver rose 0.61% to 73.66 and copper gained 0.71% to 13124.70. Brent Crude fell 0.60% to 110.65 as markets weighed the United Arab Emirates’ exit from the OPEC producer group, though persistent geopolitical tensions and the Strait of Hormuz closure limited deeper losses.  

Source: Charts by TradingView, Analysis: Kalkine Group   

In the latest Trading session, the S&P/NZX 50 index exhibited significant hesitation, inching only 5.92 points within a narrow high-low range just above its previous trough. From a technical standpoint, this price action suggests that the broader downtrend originating from the January 2026 high of 13,757.71 might remain in place. In addition, the 14-period RSI remains below its midpoint, signalling waning momentum and reinforcing a short-term bearish outlook. Immediate support is identified at the prior trough of 12,689; a decisive break beneath this level would confirm a continuation of the existing downtrend. On the other hand, a sustained breakout above the mid-March high of 13,339.06, supported by increased Volume, would be necessary to negate the bearish scenario and indicate a potential Reversal.  

Our Stance: As of now, the US markets are being driven mainly by strong corporate Earnings, particularly in mega-cap technology and AI-related companies. Expectations of stabilizing interest rates are also supporting sentiment and encouraging selective risk-taking. Overall, the trend reflects a resilient but uneven market supported by AI strength and macro stabilisation. The NZ markets are being shaped by a soft but stabilizing macroeconomic backdrop, with early benefits emerging from lower interest rates. Overall, the market remains range-bound.