NZ Shares Advance on Broad-Based Buying

Index Update: New Zealand equities closed higher on 29 June 2026, with the S&P/NZX 50 Index gaining 0.37% as investors responded to supportive global market sentiment and renewed optimism around AI-driven technology demand. Buying in heavyweight stocks, including The a2 Milk Company Ltd, Fisher & Paykel Healthcare, Mainfreight, Gentrack, etc. underpinned the market's advance. On the same day, S&P/NZX 20 Index increased by 0.53% to 7,663.260.   

Macro Update: As per FEU dated 25th June, the nominal card spending increased 2.2% in May, rebounding from a 1.9% decline in April. Lower fuel prices contributed to a 0.8% fall in fuel spending, supporting household budgets and lifting spending across all major core retail categories. Core spending, excluding fuel and vehicles, rose 2.2%, led by durable goods, hospitality, and apparel.  

Market Movers: Among top gainers, Blis Technologies Limited (NZX: BLT) witnessed a rise of 6.25% to $0.017 per share. On the other hand, New Talisman Gold Mines Limited (NZX: NTL) declined by 8.33%.   

Commodity Update: The U.S. dollar traded with a weaker tone on Monday but remained on course for its strongest monthly performance in nearly a year as geopolitical tensions in the Gulf continued to support demand ahead of key U.S. labour market data, which could influence the Federal Reserve's interest rate outlook. Gold declined 0.27% to USD 4,085.75 per ounce, while silver fell 0.61% to USD 58.87. Copper gained 0.21% to USD 13,368.00 per tonne, and Brent crude oil advanced 0.80% to USD 72.56 per barrel amid renewed U.S.-Iran tensions.  

Source: Charts by TradingView, Analysis: Kalkine Group  

In the latest trading session, the S&P/NZX 50 Index extended its rebound from a key near-term support area, gaining 50.32 points, or 0.37%, to finish at 13,545.57. With the benchmark remaining comfortably above this important support zone, the prevailing upward trend continues to hold firm. 

From a medium-term technical perspective, the outlook remains increasingly constructive. The index has successfully validated a breakout above the upper boundary of a symmetrical triangle formation, suggesting an improvement in market sentiment and reinforcing the potential for a broader bullish reversal. Further supporting this view, the 14-period Relative Strength Index (RSI) has moved above its neutral level and continues to advance, reflecting strengthening positive momentum. Provided the index maintains its position above the confirmed breakout level of 13,324.82, the current recovery phase is likely to remain intact. Continued buying interest could drive the benchmark towards its all-time high of 13,757.71, which represents the next major resistance level.  

Our Stance: US equities continued to show resilience, supported by ongoing investment in AI and semiconductor companies, while easing geopolitical tensions improved overall investor sentiment. Market participants are closely watching upcoming US jobs data and Federal Reserve policy expectations, which could influence the direction of interest rates. Despite recent volatility in technology stocks, optimism around AI-driven earnings and economic resilience continues to underpin the broader market outlook. With respect to NZ, the market was supported by improving global risk sentiment and optimism around technology-led growth, while domestic indicators also remained encouraging.