NZ Markets Rise on Global Strength

index Update: On 6th May, the broader NZ market closed in green amidst buying in the overall market, with S&P/NZX 50 Index witnessing a rise of 0.84% to end at 13,145.190 and S&P/NZX 20 Index rising by 1.08% to 7,470.460. Also, S&P/NZX 10 Index rose by 1.20% to close at 12,694.220. On the same day, financials sector witnessed strong momentum, with S&P/NZX All Financials increasing by 10.50%.   

Macro Update: As per Stats NZ, New Zealand’s seasonally adjusted Unemployment rate stood at 5.3% in the March 2026 quarter. The number of unemployed people was 163,000 in the March 2026 quarter, down from 165,000 in the December 2025 quarter, according to the Household Labour Force Survey. The underutilisation rate stood at 12.9%, while annual wage Inflation was 2.0%.   

Market Movers: Among top gainers, Infratil Limited (NZX: IFT) witnessed a rise of 13.23% to end at $14.55 per share. On the other hand, Enprise Group Limited (NZX: ENS) declined by 7.45% to $0.435 per share.  

Commodity Update: Gold prices advanced in Asian trading on Wednesday as a weaker U.S. dollar and softer Crude Oil prices supported safe-haven Demand. Gold climbed 1.94% to USD 4,657.00 per ounce, while silver surged 3.27% to USD 75.98 per ounce. Copper also gained 1.45% to USD 13,285.90 per ton, reflecting improved risk appetite in industrial metals. Meanwhile, Brent Crude declined 1.38% to USD 108.35 per barrel after optimism grew that Middle East oil supplies could stabilize amid potential progress toward a U.S.-brokered Iran peace agreement.  

Source: Charts by TradingView, Analysis: Kalkine Group   

In the most recent session, the S&P/NZX 50 Index continued its rebound from the latest trough, gaining 109.47 points, or 0.84%, to close at 13,145.18. From a technical perspective, however, the emergence of a candlestick with a notably long upper shadow suggests that selling pressure is beginning to surface as the index moves higher. 

Despite this recovery, the broader downtrend originating from the January 2026 peak at 13,757.71 remains in place, with the index still trading below the key resistance level marked by the mid-March high at 13,339.06. Immediate support is seen at 12,689; a clear break below this level would reinforce the likelihood of a continuation of the prevailing downtrend. Conversely, a sustained breakout above 13,339.06, accompanied by stronger Volume, would be required to invalidate the bearish outlook and indicate a potential trend Reversal.  

Our Stance: As of now, the Interest Rate uncertainty continues to influence risk appetite and valuations in the broader US market. Ongoing geopolitical tensions and fluctuations in oil prices are also contributing to cautious market sentiment. Coming to NZ, the global market movements, particularly from the US and Asia, are playing a key role in directing local equities. At the same time, trends in key commodity prices are affecting investors’ sentiments, while domestic economic indicators—including inflation, employment, and consumer demand—continue to guide market direction.