NZ Markets End Higher on Broad-Based Gains and Supportive Global Sentiment

Index Update: On 1st May, the broader NZ market ended in green, amidst buying in the real estate sector, with S&P/NZX 50 Index increasing by 1.05% to 13,039.200 and S&P/NZX 20 Index rising by 1.32% to 7,383.050. Notably, S&P/NZX 10 Index witnessed a rise of 1.02% to end at 12,531.270. There was a strong buying momentum in real estate sector, with S&P/NZX All Real Estate increasing 2.23%.   

Macro Update: As per Stats NZ, in the year ended March 2026, Aotearoa New Zealand recorded 37,813 new dwelling consents, an 11% increase compared with the year ended March 2025. In the year ended March 2026, 17,444 stand-alone house consents were issued, reflecting a 9.2% increase compared with the year ended March 2025.   

Market Movers: Among top gainers, Green Cross Health Limited (NZX: GXH) witnessed a rise of 5.76% to end at $1.47 per share. WasteCo Group Limited (NZX: WCO) declined by 25.00% to end at $0.0060 per share.  

Commodity Update: The Japanese yen slipped slightly against the U.S. dollar on Friday but remained on track for its sharpest weekly gain in over two months, supported by intervention from Japanese authorities after touching near two-year lows. Gold edged up 0.02% to USD 4,630.40, silver advanced 0.84% to USD 74.64, and copper gained 0.47% to USD 13,075.60. Brent crude climbed 1.08% to USD 111.59 amid stalled Iran conflict negotiations and continued Strait of Hormuz disruptions.  

Source: Charts by TradingView, Analysis: Kalkine Group   

In the latest trading session, the S&P/NZX 50 Index extended its rebound from the nearest trough, rising 135.89 points, or 1.05%, to close at 13,039.20. Moreover, the 14-period RSI has crossed above its midpoint, indicating a shift in short-term market sentiment from negative to positive. Nevertheless, despite this rebound, from a technical standpoint, the broader downtrend originating from the January 2026 high of 13,757.71 may remain intact, as the index is still trading below the nearest resistance at the mid-March high of 13,339.06. Immediate support is identified at the prior trough of 12,689; a decisive break below 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 signal a potential reversal.   

Our Stance: It seems that the US markets are currently being driven by interest rate expectations, with investors pricing in a potential easing cycle after a period of tight monetary policy, which is supporting risk assets. The broader sentiment remains sensitive to inflation data, earnings trends, and economic growth signals. Coming to the NZ markets, they are being shaped by expectations of a more stable or easing interest rate environment from the RBNZ, which is supporting equities after a prolonged tightening cycle. Outlook for the NZ market remains cautiously positive, supported by expectations of gradual monetary easing and stabilising inflation, which could improve investor sentiment over time.