NZ Market Ends in Green Amidst Buying Momentum

Index Update: On 26th November 2025, the broader NZ market closed the trading session in green amidst buying momentum in the energy sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.61% to end at 13,562.010 and S&P/NZX 20 Index rose by 0.44% to 7,753.800. Notably, S&P/NZX 10 Index encountered an increase of 0.91% to 12,945.310. Also, strong buying was witnessed in the energy sector and S&P/NZX All Energy rose by 3.33%.    

Macro Update: As per the release published by RBNZ dated 26 November, the Committee voted to reduce the OCR by 25 bps to 2.25%.  Notably, the economic conditions have been variable throughout different sectors as well as regions. The increased prices for NZ’s commodity exports resulted in higher incomes in the rural economy.   

Market Movers: Among top gainers, Gentrack Group Limited (NZX: GTK) witnessed a rise of 7.70% to end at $10.35 per share. PaySauce Limited (NZX: PYS) declined by 8.62% to $0.265 per share  

Commodity Update: The dollar slipped on Wednesday after softer U.S. data strengthened expectations of a December rate cut and as markets bet the next Fed chair could lean more dovish. Precious metals gained, with gold up 0.83% at USD 4,199.50 and silver rising 1.12% to USD 51.64, while copper edged up 0.17%. Brent crude rose 0.19% to USD 62.67 after touching one-month lows amid progress in Ukraine–Russia peace talks.  

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index rallied sharply intraday, briefly setting a new all-time high at 13,747.71 points before encountering selling pressure at this resistance, which pulled the index back to a 13,562 close - still up 81.56 points for the session. Even with the late-session fade, the index continues to hold well above a key support zone aligned with the 2024 peak, keeping the near-term outlook constructive. As long as price action remains above this major support, the broader uptrend that has been in place since October 2023 stays firmly intact. Immediate support is seen at 13,270, and continued strength above this level would maintain the bullish structure and enhance the likelihood of another challenge of the record high. On the downside, a clear break below 13,270 could open the door for a deeper retracement toward the 13,000 area before the longer-term uptrend attempts to reassert itself.  

Our Stance: It could be said that buying in the energy sector somewhat supported the broader NZ market on 26th November. As per the recent release by RBNZ, the economic activity was weak over mid-2025. However, it is now picking up pace. Furthermore, reduced rates have been encouraging household spending, while the labour market continues to stabilize. Also, the exchange rate has fallen, helping the income of exporters.