Source: Krish Capital Pty Ltd 

Index Update: On 22nd September 2025, the NZ market ended the trading session lower amidst selling in the healthcare sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.68% to end at 13,141.540 and S&P/NZX 20 Index fell by 0.86% to 7,562.230. Also, S&P/NZX 10 Index encountered a decline of 0.98% to 12,660.220. Notably, strong selling was witnessed in the healthcare sector and S&P/NZX All Health Care fell by 1.62%. 

Macro Update: As per the FEU dated 11 September 2025, the weaker export volumes as well as stronger import volumes reflect a negative net export contribution to the June quarter real expenditure GDP. Also, the service export growth looked weak over the June quarter amidst flat tourist arrivals and weaker annual tourism spending. The building activity declined 1.8% in the June quarter due to the 2.9% fall in residential building as compared to the March quarter.

Top Market Movers: Among top gainers, Being AI Limited (NZX: BAI) witnessed a rise of 16.13% to end at $0.072 per share. On the other hand, AoFrio Limited (NZX: AOF) fell by 5.13%.

Commodity Update: The dollar held steady Monday as traders awaited speeches from Federal Reserve officials for clues on the U.S. rate outlook after the central bank resumed easing last week. Gold rose 0.56% to $3,726.70, silver gained 2.08% to $43.83, and copper inched up 0.10% to $10,002.75. Brent crude slipped 0.60% to $67.06, weighed down by EU measures targeting Russia’s energy revenues and Ukrainian strikes on infrastructure.

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 impacted the broader NZ market on 22 September. As of now, the broader global markets are expected to be affected by the geopolitical worries in Europe and Middle East. Earlier, the broader US markets were supported by the expectations of further cuts in 2025. Amidst these volatile conditions and uncertain macro environment, the investors are required to be cautious.

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