NZ Market Ends in Red Amidst Broader Selling

                                                             Source: Krish Capital Pty Ltd 

Index Update: On 25th September 2025, the broader NZ market closed lower amidst selling in the healthcare sector. On the same day, S&P/NZX 50 Index witnessed a fall of 0.21% to end at 13,153.790 and S&P/NZX 20 Index declined by 0.09% to close at 7,579.040. Also, S&P/NZX 10 Index witnessed a fall of 0.52% to end at 12,640.380. Notably, S&P/NZX All Health Care encountered a decline of 2.54% to end at 2,923.370.  

Macro Update: As per Stats NZ, NZ’s GDP witnessed a fall of 0.9% in the June 2025 quarter, after the 0.9% rise in the March 2025 quarter. Notably, manufacturing, which was down 3.5%, was the main contributor to the quarterly decline in GDP. Construction, which was down 1.8%, also contributed. The GDP declined 1.1% over the year ended June 2025 versus the year ended June 2024. GDP per capita fell by 2.1% over the same period.   

Top Market Movers: Among top gainers, Trade Window Holdings Limited (NZX: TWL) witnessed a rise of 9.80% to end at $0.28 per share. On the other hand, EROAD Limited (NZX: ERD) declined by 10.03% to $2.6 per share.  

Commodity Update: The U.S. dollar was steady on Thursday, holding its overnight gains, as traders weighed the prospect of a measured Fed easing cycle in the wake of a cautious tone from policymakers while awaiting data that may outline the impact of tariffs. Gold surged 0.02% to $3,768.50, silver advanced 0.17% to $44.26, and copper eased 0.14% to $10,357.05. Brent crude fell 0.30% to $69.09 after hitting seven-week highs, as a surprise decline in U.S. crude inventories added to signs of tighter supply, while heightened geopolitical tensions over Russia kept a risk premium in the market. 

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: It could be said that selling in the healthcare sector somewhat supported the broader NZ market on 25th September. Moving forward, the broader global markets are expected to be mainly impacted by the macro-economic data points. Furthermore, the uncertain trade and geopolitical environment will continue to influence the investors’ sentiments. On October 2, data about initial jobless claims is expected to be released.