Index Update: On 2nd December 2025, the broader NZ market closed higher amidst buying in the energy sector and S&P/NZX 50 Index witnessed a rise of 0.40% to end at 13,502.770 and S&P/NZX 20 Index rose by 0.37% to 7,719.190. Also, S&P/NZX 10 Index encountered an increase of 0.80%. On the same day, S&P/NZX All Energy encountered a rise of 3.37% to end at 2,539.300. On the other hand, S&P/NZX All Information Technology declined by 1.75%.     

Macro Update: As per Stats NZ, the total exports of goods and services for the quarter ended September 2025 amounted to $25.0 Bn, reflecting a rise from $22.3 Bn in the September 2024 quarter. The total imports of goods and services for the September 2025 quarter stood at $30.7 Bn, an increase from $28.6 Bn in the September 2024 quarter.   

Market Movers: Among top gainers, PaySauce Limited (NZX: PYS) witnessed a rise of 3.85% to end at $0.27 per share. On the other hand, Promisia Healthcare Limited (NZX: PHL) fell by 6.93%.   

Commodity Update: The U.S. dollar stayed weak on Tuesday after disappointing U.S. manufacturing data increased expectations of a Fed rate cut later this month. Gold edged down 0.44% to USD 4,255.35, silver dropped 2.05% to USD 57.92, and copper slipped 0.88% to USD 11,163. Brent crude rose 0.10% to USD 63.23, supported by OPEC+’s decision to pause production hikes and ongoing geopolitical supply concerns.  

A graph of stock market AI-generated content may be incorrect.

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index inched up 54.26 points, or 0.40%, in the latest session to finish at 13,448.50. Although the market has seen a modest retracement, the index remains well above a key support zone near the 2024 high, preserving a constructive short-term outlook. As long as prices hold above this important support, the broader uptrend that has been in place since October 2023 stays intact. Immediate support is located at 13,270, and maintaining levels above this threshold would help reinforce the bullish structure and improve the prospects of another push toward the all-time high. However, a clear break below 13,270 may open the door to a deeper correction toward the 13,000 region before the longer-term uptrend potentially reassert itself.  

Our Stance: It could be said that buying in the energy sector somewhat helped the broader NZ market on 2nd December. While all the eyes are on the US Fed’s upcoming meeting, significant decline in the Bitcoin highlights the volatility of the broader cryptocurrency market. Moving forward, investors and traders are required to closely track the movements in the treasury yields and crude prices. Overall, the market sentiments remain uncertain.  

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