NZX Closes Slightly Down as Investors Remain Focused on Rates, and Global Signals

Index Update: New Zealand shares finished slightly lower on 23 June 2026, reflecting a cautious tone rather than any sharp sell-off. Investors remained focused on the outlook for interest rates, which continues to drive sentiment in rate-sensitive sectors like utilities and property. Global uncertainty and a lack of strong domestic catalysts kept trading ranges tight. S&P/NZX 50 Index witnessed a decline of 0.08% to end at 13,435.770.   

Macro Update: As per FEU dated 11 June 2026, residential construction activity remains at subdued levels, with volumes now sitting at decade lows for more than a year. In the March quarter, building work put in place declined 3.5% seasonally adjusted, driven mainly by a 4% fall in non-residential construction. Residential building activity also weakened, falling 2.2% compared with the previous quarter of 2025.   

Market Movers: Among top gainers, Australian Foundation Investment Company Limited (NZX: AFI) witnessed a rise of 5.00% to $8.4 per share. On the other hand, New Talisman Gold Mines Limited (NZX: NTL) declined by 16.67% to $0.01 per share.  

Commodity Update: The U.S. dollar surged to an over one-year high on Tuesday as growing expectations of a hawkish Federal Reserve outweighed easing geopolitical concerns and lower oil prices. Sterling remained in focus following developments surrounding British Prime Minister Keir Starmer’s resignation. Gold fell 1.02% to USD 4,159.20, while silver declined 3.51% to USD 63.29 and copper slipped 0.61% to USD 13,571.20. Brent crude oil gained 0.38% to USD 78.15 after the previous session’s sharp decline, as investors monitored U.S.-Iran peace talks and awaited clearer signals on crude flows through the Strait of Hormuz.  

Source: Charts by TradingView, Analysis: Kalkine Group  

The S&P/NZX 50 Index was largely unchanged in the latest trading session, edging lower by 10.29 points, or 0.08%, to finish at 13,406.90. Despite the minor decline, the benchmark continues to trade comfortably above its key near-term support area, indicating that the prevailing upward trend remains intact. 

From a medium-term perspective, the technical outlook remains constructive. The index has successfully broken above the upper boundary of a symmetrical triangle formation, signalling improving market sentiment and increasing prospects for a bullish trend reversal. This positive outlook is further supported by the 14-period Relative Strength Index (RSI), which has advanced above the neutral level and continues to move higher, reflecting strengthening upside momentum. Provided the benchmark remains above the breakout level of 13,324.82, the potential for a sustained recovery is likely to remain intact. If bullish momentum persists, the index could continue advancing toward its all-time high of 13,757.71, which represents the next major resistance level.  

Our Stance: US markets have been driven by shifting expectations around interest rates, with investors closely watching inflation data and Federal Reserve policy signals. Technology and large-cap growth stocks have generally led performance, supported by strong earnings from key mega-cap companies. New Zealand markets have been shaped mainly by interest rate expectations, with export-focused companies being influenced by global demand conditions, commodity prices, and currency movements. Overall sentiment has been cautious, with markets reacting to economic data, housing activity, and RBNZ policy outlook.