Index Update: On 21st November 2025, the broader NZ market ended the trading session in red amidst selling in the financial sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.15% to end at 13,419.400 and S&P/NZX 20 Index declined by 0.15% to 7,670.460. Also, S&P/NZX 10 Index encountered a rise of 0.22% to 12,775.000. Notably, strong selling was witnessed in the financial sector and S&P/NZX All Financials declined by 2.59% to 1,632.960.   

Macro Update: New Zealand’s trade deficit narrowed to NZD 1.5bn in October, as exports rose 16% to NZD 6.5bn, outpacing the 11% rise in imports. Strong dairy and fruit exports and higher shipments to China and the EU supported the improvement, while the annual deficit eased to NZD 2.3bn.  

Market Movers: Among top gainers, AFT Pharmaceuticals Ltd (NZX: AFT) witnessed a rise of 10.29% to end at $3.75 per share. On the other hand, Kingfish Limited (NZX: KFLWI) declined by 9.76% to $0.037 per share.  

Commodity Update: The dollar headed for its strongest weekly gain in over a month as traders bet the Fed won’t cut rates next month, with a mixed U.S. jobs report offering little clarity. Gold slipped 0.09% to USD 4,056.40, silver fell 1.32% to USD 49.63, and copper eased 0.26% to USD 10,700. Brent crude dropped 1.12% to USD 62.67 amid U.S. efforts toward a Russia-Ukraine peace deal and caution over rate-cut uncertainty. 

Source: Trading View, Analysis: Kalkine Group 

Despite a sharp drop early in the session, the S&P/NZX 50 Index regained most of its losses and finished at 13,419.39, down just 20 points or 0.15%. From a technical standpoint, the index formed a Bullish Hammer candlestick at a key support zone aligned with the 2024 high, reinforcing a positive 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: The S&P/NZX 50’s recovery from early losses and the formation of a Bullish Hammer near key support indicate a constructive near-term outlook. Holding above 13,270 points would preserve the upward structure and raise the likelihood of a move toward 13,725, while a break lower may trigger a pullback toward 13,000.  

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