Index Update: New Zealand shares finished lower on 24 June 2026 as investors adopted a cautious tone amid broader global market weakness and reduced risk appetite. Overall sentiment reflected a defensive trading day rather than company-specific negative news. On the same day, S&P/NZX 50 Index witnessed a decline of 0.26% to end at 13,400.660, while S&P/NZX 20 Index fell by 0.31% to 7,577.550. Notably, S&P/NZX 10 Index declined by 0.33%.   

Macro Update: As per FEU dated 11 June 2026, exports are expected to remain a key driver of GDP, with dairy production likely to stay strong into the next season. The goods terms of trade declined 2.0% in the March quarter, easing from the record high recorded in the previous quarter. Import prices fell 0.7% over the period, largely due to lower fuel costs in the months prior to the Middle East conflict. However, the conflict is expected to increase costs for imported goods such as fuel and fertiliser in coming quarters, with higher shipping expenses adding further pressure.   

Market Movers: Among top gainers, WasteCo Group Limited (NZX: WCO) witnessed a rise of 11.11%. Manuka Resources Limited (NZX: MKR) declined by 5.77%.   

Commodity Update: The U.S. dollar strengthened on Wednesday, holding near its highest level in more than a year as investors continued to assess the Federal Reserve’s recent hawkish policy stance. Risk sentiment remained cautious amid a global technology sector sell-off, prompting a shift toward defensive assets and currencies. Gold declined 1.83 points to USD 4,072.50, while silver slipped 1.33 points to USD 61.23. Copper edged higher by 0.14 points to USD 13,404.30. Brent crude oil eased 0.40 points to USD 76.76 amid improving Middle East supply expectations. 

 Source: Charts by TradingView, Analysis: Kalkine Group  

The S&P/NZX 50 Index edged lower in the most recent session, slipping 35.11 points, or 0.26%, to close at 13,400.65. Although the benchmark recorded a modest decline, it remains firmly above its key short-term support zone, suggesting that the broader upward trend is still in place. 

Looking at the medium-term outlook, technical conditions continue to favour the bulls. The index has confirmed a breakout above the upper boundary of a symmetrical triangle pattern, indicating strengthening market sentiment and raising the likelihood of a trend reversal to the upside. Supporting this view, the 14-period Relative Strength Index (RSI) has moved above its midpoint and continues to trend higher, signalling improving positive momentum. As long as the benchmark holds above the breakout level at 13,324.82, the recovery scenario is expected to remain valid. Should buying pressure continue to build, the index may extend its gains toward the record high of 13,757.71, which stands as the next significant resistance level.  

Our Stance: US markets are being driven primarily by strong performance in large-cap technology stocks, particularly those linked to artificial intelligence. Investor sentiment remains highly sensitive to Federal Reserve interest rate expectations, creating periods of volatility. The corporate earnings have generally remained resilient, helping support overall market levels. New Zealand markets are currently influenced by a mix of domestic economic conditions and global sentiment. Interest-rate expectations and mortgage sensitivity continue to weigh on rate-sensitive sectors. Overall, the NZX tends to move in line with broader global risk appetite, especially from US and Australian market trends.  

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