Index Update: On 23rd January, the broader NZ market ended lower amidst selling in the financials sector. On the same day, S&P/NZX 50 Index witnessed a fall of 0.80% to end at 13,448.240 and S&P/NZX 20 Index declined by 0.93% to 7,631.320. Also, S&P/NZX 10 Index fell by 0.88% to 12,798.170. Notably, S&P/NZX All Financials encountered a decline of 1.97% to 1,590.830.     

Macro Update: As per Stats NZ, Aotearoa NZ’s CPI rose 3.1% in the 12 months ended December 2025 quarter. This rise follows a 3.0% rise in the 12 months to the September 2025 quarter. RBNZ’s target band for the annual inflation rate is 1% - 3%. While the annual inflation rate has slowed considerably since the recent peak of 7.3% in the June 2022 quarter, it has rose each quarter since the December 2024 quarter.   

Market Movers: Among top gainers, Manuka Resources Limited (NZX: MKR) rose by 11.63% to $0.24 per share. On the TruScreen Group Limited (NZX:TRU) declined by 10.00% to $0.018 per share.  

Commodity Update: The U.S. dollar was on track for its biggest weekly fall in a year after comments and reversals by Donald Trump unsettled investors. The Japanese yen traded near one-week lows ahead of the Bank of Japan policy decision. Gold rose 1.14% to USD 4,963.60, silver climbed 2.81% to USD 99.05, and copper gained 1.19% to USD 12,929.00. Brent crude slipped 1.80% to USD 64.06 as geopolitical concerns eased.  

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index declined 108.63 points, or 0.80%, to closed at 13,448.23 in the latest session. While the index has eased from its recent peak, the broader structure remains intact following a confirmed breakout above the prior record high of 13,747.71, set in November 2025. This breakout continues to underpin the broader upward bias despite the recent pullback. Immediate resistance is placed near the recent high around 13,757.71, and a sustained move above this level could open the way for a near-term move toward the psychological 14,000 mark.  

Our Stance: As of now, the broader US markets witnessed a volatile session, with some positive momentum witnessed in the gold prices. Coming to NZ, the markets are expected to be influenced by macro-economic concerns as well as geopolitical worries. Also, investors should focus towards the earnings releases which can impact the broader momentum.  

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