Index Update: On 21st October 2025, the NZ market closed the trading session higher amidst broad-based buying. On the same day, S&P/NZX 50 Index witnessed a rise of 0.25% to end at 13,377.850 and S&P/NZX 20 Index rose by 0.34% to close at 7,676.220. S&P/NZX 10 Index witnessed a rise of 0.47% to end at 12,758.650. Notably, strong buying was witnessed in the utilities sector and S&P/NZX All Utilities rose by 1.13%.  

Macro Update: As per FEU dated 9 October 2025, the export prices have started to unwind from the elevated levels as dairy prices ease. Notably, the dairy prices have declined steadily over the recent months. The stronger global production, including from NZ, has been putting downward pressure on the prices. Also, the residential construction activity seems to be slowly lifting, although the recovery is patchy throughout regions.   

Market Movers: Among top gainers, Scott Technology Limited (NZX: SCT) witnessed a rise of 11.96% to end at $3.09 per share. On the other hand, Manuka Resources Limited (NZX: MKR) declined by 25.44%.  

Commodity Update: The dollar strengthened slightly against the yen on Tuesday as investors turned attention to political developments in Japan and the euro area, while U.S. credit risk worries persisted. Gold slipped 0.14% to USD 4,353.35 per ounce, silver declined 1.47% to USD 50.62, and copper rose 0.17% to USD 10,708.75. Brent crude dipped 0.10% to USD 61.00 per barrel, hovering near five-month lows amid supply glut and weak demand concerns. 

 

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 buying in the utilities sector helped the broader NZ market on 21st October. While the broader US markets are being affected by the corporate earnings, the investors are required to focus on developments around the US-China relations. The NZ markets are expected to be affected by the macro-economic uncertainty and geopolitical worries. As per FEU dated 9 October 2025, the global trade has been showing signs of the moderate slowdown.  

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