Index Update: On 22nd January, the broader NZ market witnessed a rebound amidst strong buying in the consumer staples sector. On the same day, S&P/NZX 50 Index encountered a rise of 1.04% to end at 13,556.870 and S&P/NZX 20 Index rose by 1.20% to 7,702.880. Also, S&P/NZX 10 Index increased by 1.48% to end at 12,912.050. Notably, consumer staples helped the broader momentum, with S&P/NZX All Consumer Staples rising by 2.74%.     

Macro Update: The Treasury NZ released interim financial statements for 5 months to 30 November 2025, with Core Crown tax revenue coming at $49.1 Bn, which was $0.2 Bn (0.4%) lower than the forecast. Notably, net core Crown debt, which amounted to $183.1 Bn (or 41.6% of GDP), was $0.9 billion lower than the forecast. The favourable variance was mainly because of lower-than-forecast core Crown residual cash deficit of $0.6 Bn.   

Market Movers: Among top gainers, Manuka Resources Limited (NZX: MKR) witnessed a rise of 11.40%. On the same day, Ventia Services Group Limited (NZX: VNT) declined by 5.41%.   

Commodity Update: The U.S. dollar held onto overnight gains against major peers on Thursday after President Donald Trump withdrew earlier tariff threats against several European NATO nations, easing trade-related concerns. Gold declined 1.06% to USD 4,786.20, while silver slipped 0.09% to USD 92.55. Copper rose 0.56% to USD 12,823.90. Brent crude edged up 0.15% to USD 65.34, supported by reduced trade tensions and a steadier global demand outlook.  

Source: Trading View, Analysis: Kalkine Group  

In the most recent session, the S&P/NZX 50 Index staged a robust rebound from the upward slope trendline in place since April 2025, advancing 139.68 points, or 1.04%. Although the index has retreated from its recent high, this recovery indicates that the broader upward trend remains intact. Furthermore, the benchmark has already confirmed a decisive breakout above its previous record high of 13,747.71, set in November 2025, reinforcing the outlook for renewed upside momentum. Immediate resistance is now located near the recent peak at 13,757.71 points, and a sustained move above this level could open the way for a near-term advance toward the psychologically significant 14,000 mark.  

Our Stance: As of now, the broader US markets are being helped by the recent update over Greenland. The US President Donald Trump decided to scrap the plans to impose new European tariffs. Also, Mr. Trump would not be using force for the acquisition of Greenland. Coming to the NZ market, the broader equities remain sensitive to the macro-economic developments. It could be said that NZ markets followed the broader momentum in the US markets on 22 January. On January 29, data about overseas merchandise trade (December 2025) is expected to be released.  

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