Index Update:  On 28th November 2025, the broader NZ market closed higher amidst buying in the technology sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.42% to end at 13,489.150 and S&P/NZX 20 Index encountered an increase of 0.51% to 7,713.620. Also, S&P/NZX 10 Index increased by 0.43%. Notably, strong buying was witnessed in the IT sector and S&P/NZX All Information Technology increased by 2.92%.    

Macro Update:  With respect to China, the slowing exports as well as static infrastructure spending have been contributing to the easing of industrial output, according to FEU dated 20th November. However, the property sector slump, muted consumer sentiment and waning of trade-in subsidies might also contribute to the reduced demand.  

Market Movers:  Among top gainers, WasteCo Group Limited (NZX: WCO) witnessed a rise of 13.33% to end at $0.017 per share. On the other hand, Blis Technologies Limited (NZX: BLT) declined by 11.76%.  

Commodity Update:  The U.S. dollar headed for its weakest week since July as expectations grew for a Fed rate cut next month amid thin Thanksgiving trading. Gold rose 0.76% to USD 4,221.65, silver gained 1.98% to USD 54.23, and copper added 0.60% to USD 11,006. Brent crude held steady at USD 63.34, with markets awaiting updates from Russia-Ukraine peace efforts and Sunday’s OPEC+ meeting for supply cues.  

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index edged higher in the latest session, gaining 56.94 points, or 0.42%, to finish at 13,489.14. Currently, the index remains well above a key support zone aligned with the 2024 high, maintaining a constructive short-term bias. As long as prices hold above this significant support area, the broader uptrend that started in October 2023 stays intact. Immediate support is found at 13,270; staying above this level would preserve the bullish structure and improve the likelihood of another attempt at the record peak. However, a clear break below 13,270 may open the door to a deeper retracement toward the 13,000 region before the longer-term upward trend can reassert itself.  

Our Stance: It could be said that buying in the technology sector somewhat supported the broader NZ market on 28th November. As of now, all the eyes are on the US Fed meeting in which market players are expecting a rate cut. Apart from this, there has been some optimism about the AI trade, supporting the global technology stocks. Moving forward, the macroeconomic indicators, along with uncertain trade outlook, might dictate the broader movement of the global and NZ equities.  

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