NZ Market Ends Higher Amidst Buying in Healthcare

Index Update: On 23rd February, the broader NZ market closed higher amidst buying in the healthcare sector, with S&P/NZX 50 Index witnessing a rise of 0.84% to end at 13,420.430 and S&P/NZX 20 Index increasing by 0.72% to close at 7,627.770. Also, S&P/NZX 10 Index encountered an increase of 1.14% to 12,967.450. Notably, strong buying was witnessed in the healthcare sector and S&P/NZX All Health Care index rose by 2.28%.     

Macro Update: As per Stats NZ, the total volume of retail sales in NZ rose by $239 Mn (or 0.9%) in the quarter ended December 2025 as compared to the September 2025 quarter. Notably, the spending on discretionary items supported overall rise in retail activity. During the quarter, the pharmaceutical as well as other store-based retailing, electrical and electronic goods, and hardware, building, and garden supplies witnessed the largest increases in activity.   

Market Movers: Among top gainers, Comvita Limited (NZX: CVT) witnessed a rise of 18.03% to end at $0.72 per share. On the other hand, WasteCo Group Limited (NZX: WCO) declined by 8.33% to $0.011 per share.   

Commodity Update: The U.S. dollar eased in Asian trade on Monday as markets awaited a clearer direction on Washington’s tariff policy. Safe-haven demand strengthened after fresh global tariff announcements and recent U.S. economic data, supporting bullion for a fourth straight session. Gold climbed 1.94% to USD 5,179.50, silver surged 5.90% to USD 87.20, and copper gained 0.46% to USD 12,983.00. Brent crude slipped 1.00% to USD 71.03 amid U.S.-Iran nuclear talk expectations and trade uncertainty.  

Source: Charts by TradingView, Analysis: Kalkine Group  

In the most recent session, the S&P/NZX 50 Index recouped the majority of the losses recorded late last week, advancing 111.93 points, or 0.84%, to close at 13,420.44. While the index briefly traded above the key resistance marked by the December 2024 peak, it remains positioned below the ascending trendline that has guided prices since April 2025. This alignment suggests the market may be entering a short-term consolidation phase. If consolidation unfolds, movements are likely to remain confined within the latest swing range, with resistance near 13,375.71 and support around 13,020.24. At the same time, the 14-day RSI has rebounded from oversold territory and is now tracking close to its neutral level, further supporting a consolidative near-term outlook.  

Our Stance: As of now, it seems that the broader US markets are being driven by interest-rate expectations and economic data, especially signals from the US Fed. Apart from this, there has been a gradual shift of capital towards international markets as valuation concerns rise in the U.S. stocks. Coming to the NZ markets, the overall momentum remains sensitive to global economic uncertainties and trade developments, but domestic corporate earnings and strategic capital management are supporting local equity performance.