NZ Markets Remain Flat Amid Cautious Global Sentiment

Index Update: On 17th March, the broader NZ market closed flat amidst challenging global landscape. On the same day, S&P/NZX 50 Index witnessed a marginal rise of 0.13% to end at 13,182.230 and S&P/NZX 20 Index increased by 0.24% to close at 7,466.420. Notably, S&P/NZX 10 Index rose by 0.39%. Some buying was witnessed in the utilities sector, with S&P/NZX All Utilities increasing by 1.10%.   

Macro Update: As per Stats NZ, food prices rose by 4.5% in the year to February 2026, up from a 4.2% increase in the year to January 2026. The largest contribution to the annual rise in food prices came from the meat, poultry, and fish category, which increased by 7.5%. Fruit and vegetables followed, recording a 9.4% increase over the year.  

Market Movers: Among top gainers, My Food Bag Group Limited (NZX: MFB) witnessed a rise of 15.00% to end at $0.23 per share. On the other hand, Serko Limited (NZX: SKO) declined by 5.81% to $1.865 per share.  

Commodity Update: The U.S. dollar traded in a narrow range on Tuesday as markets assessed ongoing geopolitical tensions involving Iran, while the Australian dollar edged lower ahead of a widely anticipated central bank rate decision. In commodities, gold rose 0.51% to USD 5,027.60, silver gained 0.68% to USD 81.22, and copper advanced 0.24% to USD 12,888.80. Brent crude climbed 2.10% to USD 102.28 amid persistent supply concerns. 

Source: Charts by TradingView, Analysis: Kalkine Group  

The S&P/NZX 50 Index remained subdued in the latest session, inching higher by 17.63 points, or 0.13%, to close at 13,182.22. Technically, price action continues to trace a pattern of lower highs and higher lows, suggesting the possible formation of a symmetrical triangle, typically viewed as a consolidation structure. Key levels to watch include the prior peak at 13,757.71, now serving as resistance, and the earlier trough at 13,022.30, which provides support and defines the lower boundary of the current range. Meanwhile, the Relative Strength Index (RSI) has drifted back toward its midpoint, signaling a moderation in momentum to neutral levels. This backdrop indicates the index may remain range-bound in the near term.  

Our Stance: The U.S. markets have recently been volatile due to geopolitical tensions and fluctuating oil prices. Stocks rebounded after a sharp sell-off, with major indexes posting gains. The strong tech and AI-related stocks continue to support the market. Overall, trends show short-term swings but underlying resilience. Coming to the NZ markets, they have been volatile but are now stabilizing. Recent weakness was driven by global uncertainty and rising oil prices. However, buyers have stepped in on dips, helping the market to recover. Overall, sentiment remains cautious.