Index Update: On 22nd July 2025, the broader NZ market closed the session lower after significant selling was witnessed in the IT sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.99% to end at 12,833.740 and S&P/NZX 20 Index fell by 1.11% to 7,521.510. Also, S&P/NZX 10 Index encountered a decline of 0.93%. Notably, significant selling was witnessed in the IT sector and S&P/NZX All Information Technology fell by 2.69%.   

Macro Update: As per Stats NZ, the imports of fully electric vehicles declined more than 50% in value during the 12 months ended June 2025 as compared to the year ended June 2024. The total value of passenger motor vehicle imports for the 12 months ending June 2025 amounted to $4.9 Bn, down 23% from the previous year. Notably, the electric vehicle imports witnessed the largest decline, down by $518 Mn.   

Top Market Movers: Among top gainers, Move Logistics Group Ltd (NZX: MOV) witnessed a rise of 10.53% to end at $0.21 per share. On the other hand, Rua Bioscience Limited (NZX: RUA) fell by 8.70%.   

Commodity Update: The dollar remained range-bound Tuesday after an early-week dip, as investors awaited developments in trade talks before the August 1 tariff deadline. Gold edged down 0.11% to $3,402.60, silver slipped 0.54% to $39.11, and copper fell 0.32% to $9,841.10. Brent crude eased 0.35% to $68.97 amid concerns that escalating trade tensions between the U.S. and the EU could dampen fuel demand and slow economic growth.  

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Source: Trading View, Analysis: Kalkine Group   

After experiencing a period of consolidation that followed a sustained upward rally beginning in October 2023, the S&P/NZX 50 index broke decisively above a key resistance level at 12,881 points - an area previously marked by its former peak. This breakout suggests renewed bullish momentum in the market and signals the potential for further upside movement. If the current trend continues, the index may be poised to retest its most recent high, which lies around 13,250 points. Supporting this bullish outlook, the 14-day Relative Strength Index (RSI) is currently trading above its midpoint, indicating strengthening market momentum and improving investor sentiment.  

Our Stance: It could be said that the selling in the IT sector somewhat impacted the broader NZ market on 22 July. The trade tensions between the US and the EU can significantly weigh over the investors’ sentiments and impact the broader global and NZ equities. Amidst mixed macroeconomic environment, the investors are required to also focus on corporate earnings. On 24 July, the data about initial jobless claims is expected to be released.  

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