Image Souce: Krish Capital Pty Ltd
Index Update: On 22nd November 2024, the broader NZ market ended higher amidst robust buying momentum in the consumer staples sector. On the same day, S&P/NZX 50 Index witnessed a rise of 2.17% to end the session at 13,041.900 and S&P/NZX 20 Index rose by 2.40% to 7,876.330. Also, S&P/NZX 10 Index encountered an increase of 2.36% to 13,326.130. S&P/NZX All Consumer Staples closed significantly higher as the index increased by 11.81% to 2,678.630.
Macro Update: As per RBNZ, total monthly new mortgage commitments amounted to $6.5 billion in September 2024, up 5.7% from $6.2 billion in August 2024. The total monthly value of new commitments has increased by 26.1% as compared to September 2023. The seasonally adjusted total value of new mortgage commitments increased by 6.9% from August 2024.
Top Market Movers: Among top gainers, The a2 Milk Company Limited (NZX: ATM) witnessed a rise of 18.01% to $6.290 per share. On the other hand, WasteCo Group Limited (NZX: WCO) declined by 12.50% to $0.028 per share.
Commodity Update: The U.S. dollar remained near a 13-month high on Friday as investors weighed the Federal Reserve's future interest rate decisions, while European uncertainty kept the euro under pressure. Bitcoin approached the $100,000 mark, attracting investor attention. In commodities, gold rose 0.63% to $2,691.50 per ounce, silver gained 0.35% to $31.05, and copper edged up 0.12% to $9,043.50 per ton. Meanwhile, Brent crude climbed 0.20% to $74.37 per barrel after Russia launched a ballistic missile at Ukraine and hinted at an expanding conflict, raising concerns over potential disruptions in global oil supplies.

Source: Trading View, Analysis: Kalkine Group
In July 2024, the S&P/NZX 50 index surpassed both the neckline of a Head and Shoulders pattern on the daily chart and a key resistance level marked by its 2023 high. This breakout indicates that the uptrend, which started in November 2023, is likely to persist and could push the index toward its historical peak from 2021. Moreover, the index surpassed its previous peak in the last trading session, reinforcing the ongoing uptrend. Furthermore, the 14-day Relative Strength Index (RSI) is heading north from its midpoint, indicating a positive short-term market sentiment.
Our Stance: It could be said that the broader NZ market was supported by the buying witnessed in the consumer staples sector. Amidst the global uncertainties, particularly the geopolitical tensions, it seems that investors welcomed the results released by NVIDIA Corp. Moving forward, on 27th November, data about initial jobless claims is expected to be released, which might provide some idea about the health of the US economy.






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