NZ Market Ends on a Mixed Note: A Quick Look

Index Update: On 3rd February, the broader NZ market closed on a mixed note, with S&P/NZX 50 Index witnessing a rise of 0.07% to end at 13,421.520 and S&P/NZX 20 Index declining by 0.07% to 7,635.710. Also, S&P/NZX 10 Index encountered a rise of 0.29% to end at 12,874.220. Notably, strong buying momentum was witnessed in the consumer staples sector, and S&P/NZX All Consumer Staples rose by1.74%.     

Macro Update: As per Stats NZ, there were 36,619 new homes consented in Aotearoa NZ during the year ended December 2025, reflecting a rise of 9.0% as compared to the year to December 2024. Notably, Auckland accounted for a large portion of the new homes consented nationally. Notably, increased numbers of medium-density housing supported the growth in new home consents in 2025.    

Market Movers: Among top gainers, NZ King Salmon Investments Limited (NZX: NZK) witnessed a rise of  

7.32% to end at $0.22 per share. On the other hand, Metro Performance Glass Limited (NZX: MPG) declined by 13.04%.   

Commodity Update: The U.S. dollar held firm on Tuesday, supported by upbeat economic data and shifting expectations around Federal Reserve policy, which outweighed concerns over a potential U.S. government shutdown. Commodities posted broad gains, with gold rising 3.36% to USD 4,810.50, silver climbing 7.04% to USD 82.41, and copper advancing 0.60% to USD 13,008.90. Brent crude edged up 0.20% to USD 66.42 after sharp losses, as easing U.S.–Iran tensions reduced risk premiums. 

Our Stance: It seems that the US markets are being influenced by the robust earnings reports from the well-established technology firms. However, the market experts believe that the investors’ sentiments might be influenced by the interest rate movements and macroeconomic releases in the upcoming sessions. Coming to the NZ market, it could be said that the sentiments of NZ investors were affected by the RBA’s move to increase the cash rate target by 25 bps to 3.85%.   

Source: Trading View, Analysis: Kalkine Group  

In the latest session, the S&P/NZX 50 Index again moved sideways, printing a Doji and closing near its previous level, edging up just 9.08 points, or 0.07%, to finish at 13,421.51. This behavior reinforces the view that the market remains in a consolidation phase, capped by resistance near its all-time high, while downside pressure continues to be absorbed by strong support around the December 2024 peak, indicating a broadly balanced short-term outlook. Importantly, the index is still holding above its prior swing low, implying that the underlying bullish trend remains intact despite recent fluctuations. Technically, momentum appears to be leveling off, with buyers consistently stepping in to defend key support zones. Looking ahead, immediate resistance is seen at the recent high of 13,757.71, and a clear break above this level would likely improve bullish confidence and open the path toward the psychological 14,000 level. On the downside, initial support is clustered around the 13,250 area, where sustained holding would preserve the constructive technical structure and limit the risk of a deeper pullback.