Index Update: On 20th November 2025, the broader NZ market ended the trading session in green amidst buying in the financials sector. On the same day, S&P/NZX 50 Index witnessed a rise of 0.84% to end at 13,439.400 and S&P/NZX 20 Index rose by 0.83% to 7,682.310. Also, S&P/NZX 10 Index encountered a rise of 0.78% to 12,803.770. Notably, strong buying was witnessed in the financials sector and S&P/NZX All Financials rose by 2.71% to 1,676.300.   

Macro Update: Stats NZ stated that, in the September 2025 quarter, the output producers price index (PPI) increased by 0.6% and the input PPI rose by 0.2% as compared to June 2025 quarter. The largest output industry contributions were made by electricity and gas supply (down by 11.5%), sheep, beef cattle, and grain farming (a rise of 10.3%) and fruit, oil, cereal, and other food product manufacturing (up by 5.7%).  

Market Movers: Among top gainers, PaySauce Limited (NZX: PYS) witnessed a rise of 10.71% to end at $0.31 per share. On the other hand, TruScreen Group Limited (NZX: TRU) declined by 5.00% to $0.019 per share.  

Commodity Update: The U.S. dollar held steady in early Asian trade on Thursday as investors awaited key payroll data and reassessed expectations of Fed rate cuts. Gold dipped 0.15% to USD 4,076.90, while silver rose 0.68% to USD 51.20 and copper edged up 0.23% to USD 10,782.05. Brent crude gained 0.30% to USD 63.71 following a sharp drop in U.S. inventories, amid reports of a potential new U.S.–Russia peace plan for Ukraine. 

Source: Trading View, Analysis: Kalkine Group 

Following a brief pullback within the rally that began in April 2025, the S&P/NZX 50 Index bounced strongly from the key support area aligned with the 2024 high, gaining 112.48 points (0.84%) in the latest session and reinforcing a constructive near-term outlook. As long as the index remains above this major support zone, the broader upward trend stays intact. The nearest support is situated at 13,270 points. Holding above this level would keep the bullish structure in place and increase the probability of a renewed advance toward the all-time high at 13,725 points. Conversely, a break below this support could open the way for a retreat toward the support near 13,000 points before the longer-term uptrend potentially resumes.  

Our Stance: It could be said that buying in the financials sector somewhat supported the broader NZ market on 20th November. As of now, the broader US market is being influenced by the AI-related news. Also, the investors and traders are focused on the monthly jobs report as this release can provide some hints about the health of the US economy. Amidst the concerns around trade volatility, the investors are required to maintain a cautious stance.  

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