NZ Market Ends on a Flat Note

Index Update: On 8th December, the broader NZ market ended the trading session on a flat note amidst marginal rise of 0.02% in S&P/NZX 50 Index. This index ended at 13,486.320, while S&P/NZX 20 Index witnessed a decline of 0.08% to 7,687.400. Also, S&P/NZX 10 Index encountered a decline of 0.09%. Notably, significant selling was witnessed in the IT sector and S&P/NZX All Information Technology fell by 1.83%.      

Macro Update: As per the FEU dated 4 December 2025, the OECD is expecting a slower global growth in 2026, as well as a gradual recovery in NZ. Apart from the greater uncertainty, the RBNZ highlighted that the weak labour market, low real income growth, and declining real household wealth because of falling house prices continue to restrain a faster recovery in the household discretionary spending.  

Market Movers: Among top gainers, Vital Healthcare Property Trust (NZX: VHP) witnessed a rise of 6.91% to $2.01. Accordant Group Limited (NZX: AGL) declined by 10.00% to $0.27 per share.  

Commodity Update: The U.S. dollar steadied on Monday after two weeks of selling as markets await a heavy week of central bank meetings, led by the U.S. Federal Reserve, where an interest rate cut is largely priced in despite a split committee. Australia, Brazil, Canada and Switzerland are expected to hold policy unchanged. Gold fell 0.13% to USD 4,237.30, silver 1.32% to USD 58.28, copper 0.12% to USD 11,627.00, while Brent edged up 0.06% to USD 63.79 on growth hopes and supply risks.  

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index formed a Doji candlestick pattern in its last trading session and continued to move sideways between its all-time high and the key support band near the 2024 peak. Although the market is undergoing a mild pullback, it remains well above this important support area, preserving a constructive near-term outlook. As long as price action holds above this major support, the broader uptrend that has been in place since October 2023 stays intact. Initial support sits at 13,270; maintaining levels above this threshold would reinforce the bullish bias and keep the door open for another attempt at the record high. However, a clear drop below 13,270 may indicate the onset of a deeper correction, with potential downside toward the 13,000 region before the longer-term uptrend could reassert itself.  

Our Stance: The global investors continue to focus on the US Fed’s decision about the rates. Notably, the market participants are expecting a rate cut of 25 bps. However, extreme focus is required on the commentary which could provide some hints about the rate cuts in 2026. Furthermore, investors are also required to focus on the other macro-economic datapoints and the movements in commodities. Talking about NZ, information about business financial data (September 2025 quarter) is expected to be released on 11 December.