NZ Markets End Flat: What Is Driving the Pause?

index Update: On 24th April, the broader NZ market ended on a flat note, with S&P/NZX50 witnessing a marginal decline of 0.08% to end at 12,874.940. On the same day, significant selling was witnessed in the IT sector, with S&P/NZX All Information Technology falling by 3.22% to end at 1,878.280. Notably, S&P/NZX 20 index marginally rose by 0.03% and S&P/NZX 10 index fell by 0.28%.   

Macro Update: Treasury NZ released interim financial statements of the government of New Zealand for 8 months ended 28 February 2026. Core Crown tax Revenue totalled $80.1 billion, coming in $0.3 billion (0.4%) below forecast. This modest shortfall reflects offsetting movements across major tax categories, with weaker-than-expected corporate tax, resident Withholding tax on interest, and tobacco excise largely balanced by stronger source deductions and higher net tax from individuals.  

Market Movers: Among top gainers, Locate Technologies Limited (NZX: LOC) witnessed a rise of 8.33% to end at $0.026 per share. On the other hand, Gentrack Group Limited (NZX: GTK) declined by 8.66%.   

Commodity Update: The dollar is set for its first weekly gain in three weeks as stalled U.S.–Iran peace talks and ongoing tensions support safe-haven Demand. Iran’s actions in the Strait of Hormuz and uncertainty around shipping routes kept oil prices elevated. Brent Crude rose 1.00% to USD 106.27, heading for strong weekly gains. Meanwhile, gold fell 0.67% to USD 4,693.90, silver declined 0.61% to USD 75.04, and copper slipped 0.67% to USD 13,258.00 amid firm dollar pressure and cautious global risk sentiment. 

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Source: Charts by TradingView, Analysis: Kalkine Group   

In the latest Trading session, the S&P/NZX 50 index exhibited strong hesitation, closing near its previous level within a narrow high-low range. It inched down only 9.99 points, or 0.08%, to finish at 12,874.95. From a technical perspective, this price action reinforces concerns that the short-term uptrend from the 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. Conversely, a decisive and sustained breakout above the mid-March peak of 13,339.06, accompanied by stronger Volume, would be required to invalidate this downside risk and signal a potential trend Reversal.  

Our Stance: As of now, the US markets are trading range-bound with a cautious tone, lacking strong directional momentum. Gains are narrowly led by select tech and AI stocks, while broader market participation remains weak. Furthermore, NZ markets are trading flat to range-bound, with limited directional momentum. Performance is mixed across sectors. Investor sentiment remains cautious amid global uncertainty and lack of strong local catalysts.