index Update: On 22nd April, the broader NZ market closed ended slightly higher, with S&P/NZX 50 index witnessing a rise of just 0.10% to end at 12,945.600 and S&P/NZX 20 index increasing by 0.27% to 7,305.670. However, S&P/NZX 10 index encountered a slight fall of 0.05% to end at 12,511.280. On the same day, some buying was witnessed in the Utilities Sector, with S&P/NZX All Utilities rising by 1.28% to 3,833.780.   

Macro Update: As per RBNZ’s release dated 08 April 2026, the medium-term Inflation pressures will be dependent on how much higher costs are passed on through pricing and wage-setting by businesses and workers. The Monetary Policy Committee aims to bring Inflation back to the 2% midpoint over the medium term, requiring core Inflation and wage growth to stay controlled, with medium- and long-term Inflation expectations anchored around 2%.  

Market Movers: Among top gainers, Being AI Limited (NZX: BAI) witnessed a rise of 12.00% to end at $0.028 per share. On the other hand, Metro Performance Glass Limited (NZX: MPG) declined by 10.57%.    

Commodity Update: The dollar steadied in early Asian trading on Wednesday as doubts persisted over U.S. President Donald Trump’s announcement of an indefinite extension to the Iran ceasefire, supporting safe-haven Demand and lifting the greenback to a one-week high. Gold climbed 1.15% to USD 4,773.05, while silver advanced 1.72% to USD 77.81. Copper edged up 0.12% to USD 13,242.50. Meanwhile, Brent Crude slipped 0.20% to USD 98.21 per barrel in Asian trade.  

Source: Charts by TradingView, Analysis: Kalkine Group 

Although the S&P/NZX 50 index dropped sharply early in the session, it recovered all losses by the close, edging up 13.27 points (0.10%) to finish at 12,945.61. From a technical perspective, despite tentative signs of recovery, the index’s repeated inability to retest resistance at 12,960.34, coinciding with the 21-day SMA, reinforces concerns that the short-term uptrend from the most recent trough may be breaking down. Furthermore, the 14-period RSI remains below its midpoint, indicating weakening momentum and supporting a near-term bearish bias. On the other hand, a decisive and sustained breakout above 13,339.06, the mid-March peak, accompanied by stronger Volume would be required to invalidate the downside risk and signal a potential trend Reversal.  

Our Stance: Overall, the US markets are showing moderate upward momentum, supported by resilient economic data and steady corporate Earnings. However, the rate-sensitive sectors remain volatile. The investor sentiment is cautiously optimistic, though still influenced by Inflation trends and Interest Rate expectations. Coming to NZ, the market is showing steady but cautious performance. The NZ market might remain volatile, with direction driven by Interest Rate trends and economic data. 

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