index Update: On 28th April, the broader NZ market closed lower, amidst selling in the consumer staples sector, with S&P/NZX 50 index witnessing a fall of 0.86% to end at 12,764.400. Also, S&P/NZX 20 index and S&P/NZX 10 index declined by 0.95% and 0.80%, respectively. Notably, S&P/NZX All Consumer Staples encountered a decline of 2.05% to 4,000.870.   

Macro Update: The Treasury released interim financial statements of the Government of NZ for the 8 months ended 28 February 2026. The Core Crown Revenue totaled $88.1 billion, about $0.5 billion (0.6%) below forecast. This shortfall reflected weaker-than-expected tax Revenue, along with lower Revenue from the NZ Emissions Trading Scheme due to a decline in NZU prices since the forecasts were set. Core Crown expenses totaled $95.2 billion, coming in $1.4 billion (1.5%) below forecast.  

Market Movers: Among top gainers, Chatham Rock Phosphate Limited (NZX: CRP) rose by 8.93% to end at $0.061 per share. Manuka Resources Limited (NZX: MKR) declined by 12.50% to $0.105 per share.  

Commodity Update: The Japanese yen held steady in Asian trade on Tuesday ahead of the Bank of Japan policy decision, while focus also remained on the Federal Reserve. Gold declined 0.15% to USD 4,686.40, silver slipped 0.61% to USD 74.56, and copper eased 0.19% to USD 13,191.80. Brent Crude rose 0.40% to USD 108.68 amid tensions around the Strait of Hormuz and comments from Donald Trump on Iran.  

Source: Charts by TradingView, Analysis: Kalkine Group   

The S&P/NZX 50 index continued its near-term decline from the latest peak in the most recent session, dropping 110.56 points, or 0.86%, to close at 12,764.39. From a technical standpoint, this movement raises the risk that the benchmark may reassert the broader downtrend originating from the January 2026 high of 13,757.71. In addition, the 14-period RSI remains below its midpoint, signalling waning momentum and reinforcing a short-term bearish outlook. Immediate support is identified at the prior trough of 12,689; a decisive break beneath this level would confirm a continuation of the existing downtrend. On the other hand, a sustained breakout above the mid-March high of 13,339.06, supported by increased Volume, would be necessary to negate the bearish scenario and indicate a potential Reversal.  

Our Stance: The US markets were mixed on 27 April, with the S&P 500 and Nasdaq posting modest gains and reaching record highs, while the Dow edged slightly lower. The gains were supported by strength in technology stocks, particularly AI-driven names. Investor sentiment remained cautious ahead of key Earnings and Interest Rate signals. Coming to the NZ market, overall, the market remains cautious, balancing global uncertainties with stable longer-term fundamentals.  

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