Source: Krish Capital Pty Ltd

Index Update: On 11th September 2025, the NZ market closed the trading session lower amidst broad-based selling. On the same day, S&P/NZX 50 Index witnessed a decline of 0.35% to end at 13,229.150 and S&P/NZX 20 Index fell by 0.37% to 7,654.470. Also, S&P/NZX 10 Index encountered a fall of 0.36%. Notably, S&P/NZX Primary Sector Index witnessed a decline of 1.25% to 14,551.000. Also, S&P/NZX All Communications Services fell by 0.92%.  

Macro Update: In the released dated 20th August 2025, the Committee highlighted that wholesale interest rates have declined since the May Statement. This led to the lower mortgage and term deposit rates, mainly at shorter terms. Furthermore, the average interest rate on the stock of mortgages is anticipated to fall over the coming year. The long-term bond yields have witnessed an increase internationally over the H1 of the year.   

Top Market Movers: Among top gainers, Scott Technology Limited (NZX: SCT) witnessed a rise of 15.38% to end at $2.25 per share. On the other hand, Chatham Rock Phosphate Limited (NZX: CRP) declined by 7.78% to $0.083 per share. 

Commodity Update: The dollar steadied in early Asian trade Thursday after a surprise drop in U.S. factory-gate prices strengthened expectations of a Fed rate cut next week, with focus on U.S. CPI data later. Commodities saw mixed moves: gold slipped 0.19% to $3,675.10, copper eased 0.22% to $9,989.65, while silver gained 0.40% to $41.76. Brent crude edged up 0.10% to $67.50 as oversupply and weak U.S. demand capped geopolitical risks. 

Source: Trading View, Analysis: Kalkine Group 

After beginning a short-term rally in April 2025, the S&P/NZX 50 index has recently revisited its 2024 peak at 13,270. Additionally, the index continues to register higher highs and higher lows, signaling that the uptrend is still intact. A decisive break above this resistance would strengthen bullish momentum and potentially pave the way for a test of the all-time high at 13,636. On the downside, immediate support lies at 12,750, with a breach of this level serving as an early warning signal. Meanwhile, the 14-day Relative Strength Index (RSI) is heading north from its midpoint, reflecting a positive market sentiment. 

Our Stance: Moving forward, the macro-economic data points are expected to affect the broader equity markets. The US Fed meeting, which is scheduled for September 16- September 17, needs to be tracked closely by the investors. The outlook on rate cuts can have a significant impact on the broader movement of equities. On September 16, data about the US retail sales is expected to be released.  

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