NZ Market Witnesses Selling Pressure

Index Update: On 4th March, the broader NZ market ended lower amidst selling momentum in the financials sector, with S&P/NZX 50 Index witnessing a fall of 0.65% to end at 13,531.120 and S&P/NZX 20 Index declining 0.69% to close at 7,682.870. On the same day, S&P/NZX 10 Index fell by 0.66% to 13,153.170. Strong selling momentum was witnessed in the financials sector, with S&P/NZX All Financials falling by 2.15%.     

Macro Update: As per the FEU dated 26 February 2026, the capacity pressures were visible in January’s inflation data and annual CPI inflation stood at 3.8%, unchanged from December 2025. As compared to New Zealand, food price inflation in Australia remained lower, and rents, and alcohol and tobacco were higher.   

Market Movers: Among top gainers, ikeGPS Group Limited (NZX: IKE) witnessed a rise of 8.29% to end at $0.98 per share. On the other hand, Accordant Group Limited (NZX: AGL) declined by 9.09%.   

Commodity Update: The U.S. dollar climbed to a three-month high in Asian trading on Wednesday as investors moved toward safe-haven assets amid escalating Middle East tensions. The euro weakened while commodities gained on fears of supply disruptions. Gold rose 1.04% to USD 5,177.30, silver jumped 1.60% to USD 84.77, and copper advanced 0.99% to USD 13,072.80. Meanwhile, Brent crude gained 1.00% to USD 82.53 as the U.S.–Israeli conflict with Iran threatened regional energy exports. 

Source: Charts by TradingView, Analysis: Kalkine Group  

In the most recent session, the S&P/NZX 50 Index logged a second straight close beneath the ascending trendline established in April 2025, retreating 89.07 points, or 0.65%. Despite the pullback, the broader short-term structure remains relatively constructive. Looking forward, the benchmark faces a key overhead resistance at 13,375.71, its previous peak and the last technical hurdle before uncharted territory. A decisive breakout above this threshold would likely pave the way for further gains. Conversely, an inability to overcome this ceiling may result in a period of consolidation, with prices oscillating between recent highs and nearby support levels. In addition, the RSI has reverted to neutral territory, indicating that momentum has moderated and directional conviction is currently lacking.  

Our Stance: As of now, the US stock indexes have recently slid sharply on geopolitical tensions, particularly escalating conflict involving Iran. This has triggered risk-off sentiment, with major equities selling off and volatility spiking. The investors are de-risking by selling equities and rotating into defensive assets. New Zealand markets are currently being driven mainly by global geopolitical tensions, which have increased volatility and pressured equities. The benchmark S&P/NZX 50 has been reacting to offshore market moves and risk sentiment. The NZ market remains sensitive to global growth and commodity demand.