index Update: On 17th April, the broader NZ market ended lower amidst selling in the Utilities Sector, with S&P/NZX 50 index falling by 1.23% to end at 12,905.670. On the same day, S&P/NZX 20 index witnessed a fall of 1.30% to 7,266.050 and S&P/NZX 10 index declined 1.24%. Also, utilities sector witnessed selling pressure, with S&P/NZX All Utilities falling by 2.05%.   

Macro Update: As per Stats NZ, petrol and diesel prices rose from February to March 2026, with petrol increasing by 18.6% and diesel surging by 42.6%. In March 2026, domestic airfares fell by 14.4%, while international airfares rose by 3.5% compared with February 2026.  

Market Movers: Among top gainers, NZ King Salmon Investments Limited (NZX: NZK) witnessed a rise of 20.00% to end at $0.24 per share. Cooks Coffee Company Limited (NZX: CCC) declined by 13.73% to $0.22 per share. 

Commodity Update: On Friday, the Japanese yen weakened after the Bank of Japan refrained from signaling a rate hike next week, while traders remained cautious and stayed on the sidelines ahead of potential U.S.–Iran peace talks. Gold fell 0.07% to USD 4,805.05 per ounce, silver rose 0.27% to USD 78.925, and copper slipped 0.16% to USD 13,243.15. Meanwhile, Brent Crude declined 1.01% to USD 98.38 per barrel, amid optimism over a Lebanon–Israel ceasefire and possible U.S.–Iran discussions.   

Source: Charts by TradingView, Analysis: Kalkine Group   

In the latest session, the S&P/NZX 50 index recorded a sharp decline of 160.38 points, or 1.23%, to close at 12,905.67. This move extends the prior day’s negative signal, where a long upper shadow candle formed after retesting the immediate resistance at 13,073.68, underscoring persistent selling pressure at higher levels. From a technical perspective, the index’s break below the nearby trough at 12,950.34 strengthens the case for a breakdown of the short-term uptrend established from the most recent low. Furthermore, the 14-period RSI remains below its midpoint, indicating weakening momentum and reinforcing a bearish near-term outlook. On the other hand, a decisive and sustained breakout above 13,339.06, corresponding to the mid-March high, accompanied by increased trading Volume would be required to invalidate the current downside risk and suggest a potential trend Reversal.  

Our Stance: As of now, the US markets showed mixed performance, with Volatility driven by Interest Rate expectations and Inflation data. Technology stocks remained relatively resilient, supported by AI-driven optimism, while cyclicals faced pressure. New Zealand markets remained relatively subdued, with cautious investor sentiment amid a soft domestic economic backdrop. Overall, New Zealand markets continued to trade in a narrow range, reflecting subdued risk appetite and limited catalysts. 

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