Source: Krish Capital Pty Ltd 

Index Update: On 26th September 2025, the broader NZ market ended lower amidst selling in the financials sector. On the same day, S&P/NZX 50 Index witnessed a decline of 0.32% to end at 13,111.730 and S&P/NZX 20 Index fell by 0.49% to close at 7,542.260. Also, S&P/NZX 10 Index encountered a decline of 0.58% to 12,566.940. Notably, significant selling was witnessed in the financials sector and S&P/NZX All Financials fell by 2.51%.  

Macro Update: As per FEU dated 11 September, net migration increased in July, but is well below the long-term averages. Notably, annual estimated net migration rose to 13,100 people in July, from 11,900 in June as compared to the peak 136,000 witnessed in late 2023. Notably, the slowing of net migration is one of the factors limiting the domestic demand recently. However, a pickup could be expected as labour demand improves.  

Top Market Movers: Among top gainers, PaySauce Limited (NZX: PYS) witnessed a rise of 16.02% to end at $0.21 per share. On the other hand, EROAD Limited (NZX: ERD) declined by 3.85% to $2.50 per share 

Commodity Update: The dollar held firm Friday after upbeat U.S. data reduced expectations of further Fed easing this year. Gold slipped 0.02% to $3,770.50, while silver eased 0.19% to $45.03. Copper gained 0.17% to $10,281.05. Brent crude rose 0.20% to $69.57, set for its sharpest weekly advance since early June, as Ukraine’s strikes on Russia’s energy assets prompted Moscow to curb fuel exports and signal potential crude output cuts. 

A graph of stock market AI-generated content may be incorrect.

Source: Trading View, Analysis: Kalkine Group 

After beginning a short-term rally in April 2025, the S&P/NZX 50 index has recently revisited its 2024 peak at 13,270. Additionally, the index continues to register higher highs and higher lows, signaling that the uptrend is still intact. A decisive break above this resistance would strengthen bullish momentum and potentially pave the way for a test of the all-time high at 13,636. On the downside, immediate support lies at 12,750, with a breach of this level serving as an early warning signal. Meanwhile, the 14-day Relative Strength Index (RSI) is heading north from its midpoint, reflecting a positive market sentiment. 

Our Stance: It could be said that selling in the financials sector somewhat impacted the broader NZ market on 26th September. The market participants are required to track the macro-economic data and understand how such data points affect the course of interest rates. The new tariff announcements from the US President could impact the investors’ sentiments over the upcoming sessions. Amidst the uncertainties, the investors are required to be cautious.  

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