Source: Krish Capital Pty Ltd

Index Update: On 15th September 2025, the broader NZ market ended the trading session in red amidst selling in the healthcare sector. On the same day, S&P/NZX 50 Index witnessed a fall of 0.15% to end at 13,208.310 and S&P/NZX 20 Index fell by 0.34% to 7,629.530. Also, S&P/NZX 10 Index encountered a decline of 0.31% to end at 12,715.020. Notably, significant selling was witnessed in the healthcare sector and S&P/NZX All Health Care declined 0.83%.   

Macro Update: As per the FEU dated 11 September 2025, the growth is likely to return in the quarter ended September as lower interest rates bolster the activity. However, the weaker export volumes and stronger import volumes reflect a negative net export contribution to the June quarter real expenditure GDP. Also, the manufacturing sales volumes declined 2.9% in the June quarter.

Top Market Movers: Among top gainers, Pacific Edge Limited (NZX: PEB) witnessed a rise of 24.38% to end at $0.199 per share. On the other hand, Metro Performance Glass Limited (NZX: MPG) declined by 11.11%.

Commodity Update: The dollar remained steady on Monday ahead of key central bank decisions, led by the Federal Reserve. The euro showed little reaction to Fitch’s downgrade of France’s credit rating. In commodities, gold slipped 0.21% to $3,678.90, silver eased 0.02% to $42.82, while copper edged up 0.25% to $10,097.25. Brent crude dipped 0.01% to $67.02 as markets weighed Ukrainian drone strikes on Russian refineries and U.S. fuel demand growth.

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: As per the recent FEU, the global data demonstrated continued resilience in activity although the labour demand slowed in the US. Furthermore, the concerns over unsustainable fiscal and debt trajectories resulted in higher long-term government bond yields in the developed economies. The release also highlighted that the global activity indicators hinted at the positive signal in August, further challenging the anticipation of slower growth amidst US tariffs.

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