Index Update: On 24th December, the broader NZ market closed on a flat note as S&P/NZX 50 Index witnessed a marginal rise of 0.08% to end at 13,529.060 and S&P/NZX 20 Index increased slightly by 0.10% to close at 7,700.090. On the same day, S&P/NZX 10 Index increased marginally by 0.06% to 12,900.820. Notably, real estate sector encountered some buying momentum, and S&P/NZX All Real Estate witnessed an increase of 0.53% to end at 1,728.130.     

Macro Update: The New Zealand dollar strengthened to around 0.585, its highest since September, supported by Q3 economic recovery and expectations of a possible RBNZ rate hike in 2026. However, policy uncertainty persists as growth remains fragile, with gains driven mainly by the primary sector.  

Market Movers: Among top gainers, Savor Limited (NZX: SVR) witnessed an increase of 2.50% to end at $0.2050 per share. On the other hand, KMD Brands Limited (NZX: KMD) declined by 3.57% to $0.270 per share.  

Commodity Update: The U.S. dollar moved toward its weakest annual performance in over 20 years as investors bet the Federal Reserve could cut rates further in 2026, while some global peers eye hikes. Commodities strengthened, with gold rising 0.12% to USD 4,513.15, silver up 1.28% to USD 72.05, and copper gaining 0.40% to USD 12,101. Brent crude edged 0.10% higher to USD 62.42, supported by U.S.–Venezuela tensions and resilient U.S. growth, despite thin holiday trading volumes. 

Source: Trading View, Analysis: Kalkine Group 

The S&P/NZX 50 Index extended its recovery for a fourth consecutive session, edging up 11.33 points, or 0.08%, to close at 13,529.05. Although the index remains in a retracement phase from its record high, it continues to hold firmly above a key support zone aligned with the 2024 high. The near-term technical structure remains constructive, supported by a steady pattern of higher highs and higher lows, with prices trading comfortably above important technical levels. As long as the primary support around 13,270 holds, the broader uptrend that began in October 2023 is likely to stay intact, keeping the door open for another test of the all-time high. A sustained break below 13,270, however, could signal a deeper correction toward the 13,000 area before the dominant uptrend potentially resumes. 

Our Stance: The S&P/NZX 50 continues to display a constructive technical setup despite remaining below its record high. The index is holding firmly above the key support zone near 13,270, sustaining the broader uptrend. A sustained move below this level could signal a deeper corrective phase toward the 13,000 mark before trend stabilization.  

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