NZ Market Ends in Red

Index Update: On 3rd March, the broader NZ market ended in red, amidst selling in the materials sector. On the same day, S&P/NZX 50 Index witnessed a fall of 0.27% to end at 13,620.210 and S&P/NZX 20 Index declined by 0.25% to 7,736.240. Also, S&P/NZX 10 Index encountered a fall of 0.24% to 13,239.980. Notably, strong selling was witnessed in the materials sector, with S&P/NZX All Materials falling by 2.87%.     

Macro Update: As per Stats NZ, there were 36,944 new homes consented in Aotearoa NZ in the year to January 2026, reflecting a rise of 9.3% as compared to year ended January 2025. The new home consents rose over the year, and multi-unit homes played a critical role in the annual rise. The number of stand-alone houses consented stood at 16,748, reflecting a rise of 5.0% over the year.  

Market Movers: Among top gainers, Savor Limited (NZX: SVR) rose by 11.11%. Notably, New Talisman Gold Mines Limited (NZX: NTL) declined by 5.88%.   

Commodity Update: Gold extended its advance in Asian trade, marking a fourth consecutive gain as escalating Middle East tensions supported safe-haven demand, though a firmer U.S. dollar limited sharper upside. Gold climbed 1.32% to USD 5,382.40, silver rose 1.68% to USD 90.35, and copper added 1.01% to USD 13,242.00. Brent crude advanced 2.00% to USD 79.28, following a prior 7% surge amid Strait of Hormuz supply concerns.  

Source: Charts by TradingView, Analysis: Kalkine Group  

The S&P/NZX 50 Index was relatively subdued in the most recent session, edging down 36.44 points, or 0.27%, to finish at 13,620.20. The benchmark slipped marginally beneath the ascending trendline established in April 2025, yet the broader near-term outlook continues to reflect a constructive bias. Looking forward, the index faces one notable resistance level around 13,375.71, corresponding to its previous peak and representing the last hurdle before a potential breakout to fresh highs. A decisive move above this threshold would likely pave the way for additional gains. Conversely, an inability to clear this barrier may prompt a period of consolidation between the recent highs and nearby support zones. From a momentum perspective, the RSI has rebounded from neutral levels, reinforcing the improving bullish momentum and supporting the prevailing positive technical outlook.  

Our Stance: It seems that tech leadership has cooled in the US as big-cap AI/tech stocks aren’t consistently driving markets, and investors are rotating into other sectors. The market players remain cautious on U.S. equities’ near-term upside due to elevated valuations and mixed earnings. Coming to the NZ markets, the S&P/NZX 50 index recently weakened, sliding on broader geopolitical and risk-off sentiment as global tensions rose. Moving forward, the NZ equities may see continued volatility with selective sector opportunities if domestic economic data and global stability improve.