NZ Market Ends on a Flat Note

Index Update: On 8th January, the broader NZ market closed the trading session on a flat note. On the same day, S&P/NZX 50 Index witnessed a marginal rise of 0.01% to end at 13,716.860 and S&P/NZX 20 Index rose by 0.06%. Also, S&P/NZX 10 Index encountered a rise of 0.04%. Notably, some selling pressure was witnessed in the IT sector, with S&P/NZX All Information Technology declining by 1.54%.     

Macro Update: As per the Budget Policy Statement, in Budget 2026, the government is expected to focus towards supporting the delivery of core public services like health care, education and law and order, addressing NZ’s longer-term productivity challenges, developing a sustainable pipeline of infrastructure investments as well as keeping a strict control of the discretionary government spending.   

Market Movers: Among top gainers, Green Cross Health Limited (NZX: GXH) witnessed a rise of 6.80% to end at $1.10 per share. On the other hand, Move Logistics Group Ltd (NZX: MOV) declined by 6.35%.   

Commodity Update: The U.S. dollar traded steadily on Thursday as investors assessed fresh economic data pointing to a fragile U.S. growth outlook ahead of Friday’s key jobs report, while elevated geopolitical tensions capped risk appetite. In commodities, gold slipped 0.25% to USD 4,452.20, silver gained 0.22% to USD 77.77, and copper eased 0.02% to USD 12,889.00. Brent crude rose 0.60% to USD 60.34, rebounding on a larger-than-expected U.S. crude inventory draw and ongoing focus on Venezuela developments.  

Source: Trading View, Analysis: Kalkine Group  

The S&P/NZX 50 Index extended its short-term rebound for a sixth consecutive session, edging up 1.84 points, or 0.01%, to close at 13,716.85. The benchmark is now trading just below its all-time high of 13,747.71, set in November 2025. A decisive breakout above this record level could unlock fresh upside momentum, with the next resistance zone coming into focus near the 13,400 area. Momentum indicators remain constructive, as the 14-period Relative Strength Index (RSI) has turned higher from its neutral midpoint, signaling improving market sentiment and reinforcing the prevailing bullish bias. Alternatively, the index may enter a consolidation phase, trading sideways between its record high and a key support zone aligned with the 2024 peak. Under this scenario, initial support is seen near the prior trough at 13,300.  

Our Stance: As per the global market experts, the US market has demonstrated resilience amidst uncertain macroeconomic environment. That being said, the investors and traders are required to closely assess the trends in the upcoming sessions amidst escalating geopolitical worries. Coming to NZ, the Budget Policy Statement highlighted that the economy has been recovering from a deep as well as protracted downturn, with economic output remaining below potential. However, the Reserve Bank gave monetary stimulus through the reduction of the OCR.