Index Update: On 24th October 2025, the NZ market ended the trading session on a flat note amidst buying in the technology sector. On the same day, S&P/NZX All Information Technology witnessed a rise of 2.65% to end at 2,665.410 and S&P/NZX Real Estate Select Index rose by 1.66% to close at 1,839.780. Notably, S&P/NZX 50 Index witnessed a rise of 0.11% to end at 13,391.590 and S&P/NZX 20 Index declined by 0.05% to 7,669.850.  

Macro Update: As per FEU dated 9 October 2025, The New Zealand government’s financial statements for the year to June 2025 witnessed favourable variances throughout critical fiscal indicators, relative to Budget 2025 forecasts. Notably, the total revenue remained broadly in line with the anticipations as higher corporate as well as other individuals’ tax was mitigated by the weaker NZ Emission Trading Scheme revenue. 

Market Movers: Among top gainers, AoFrio Limited (NZX: AOF) witnessed a rise of 12.77% to end at $0.106 per share. On the other hand, Rua Bioscience Limited (NZX: RUA) declined by 7.89% to $0.035 per share.  

Commodity Update: The U.S. dollar held steady on Friday, set for a modest weekly gain as markets awaited delayed inflation data ahead of next week’s expected Fed rate cut. Gold slipped 0.44% to USD 4,127.50, silver fell 0.96% to USD 48.23, and copper eased 0.29% to USD 10,815.70. Brent crude declined 0.80% to USD 65.45 but remained on track for a weekly rise amid U.S. sanctions on Russian oil majors. 

Source: Trading View, Analysis: Kalkine Group 

Following a brief corrective phase within a well-established broader uptrend marked by a consistent pattern of higher highs and higher lows, the S&P/NZX 50 Index has recently staged a breakout above its 2024 peak at 13,270. This upward breach confirms the continuation of the prevailing bullish structure and signals the potential for renewed upside momentum. Technically, the breakout opens the way for a possible retest of the all-time high at 13,636. Importantly, the former resistance level at 13,270 has now transitioned into a key support zone, which could underpin the next leg of the advance. While the index is presently experiencing a modest pullback, its ability to hold above this newly established support suggests that the broader uptrend remains intact and the overall technical outlook continues positive. 

Our Stance: It could be said that the broader global markets are being influenced by the developments happening around the trade policy between the US and China. As of now, the market players are focused on the upcoming meeting of Mr. Trump and Xi Jinping. The global trade uncertainty can impact the NZ markets also. Therefore, the investors are required to maintain a cautious stance.  

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