S&P/NZX50 Ends Marginally Higher

Index Update: On 28th October 2025, the NZ market closed the trading session on a flat note, with S&P/NZX 50 Index witnessing a marginal increase of 0.08% to end at 13,402.660. On the same day, S&P/NZX 20 Index encountered a rise of 0.02% to end at 7,671.140 and S&P/NZX 10 Index ended at 12,739.610. Notably, some buying was witnessed in the technology sector and S&P/NZX All Information Technology increased by 1.62% to end at 2,708.610.    

Macro Update: As per Stats NZ, the cost of living for the average New Zealand household rose 2.4% in the 12 months ended September 2025 quarter. This increase, measured by the household living-costs price indexes (HLPIs), follows the 2.6% rise in the 12 months ended June 2025 quarter. For the average household, the mortgage interest payments declined 15.4% in the 12 months ended September 2025.    

Market Movers: Among top gainers, Livestock Improvement Corporation Ltd (NZX: LIC) rose by 9.18% to end at $1.07 per share. On the other hand, Manuka Resources Limited (NZX: MKR) declined by 18.18% to $0.063 per share.   

Commodity Update: The dollar weakened on Tuesday ahead of major central bank meetings, with markets anticipating a U.S. rate cut and monitoring President Donald Trump’s Asia tour for progress on a trade deal with China. Gold slipped 0.47% to USD 4,004.10 per ounce, while silver rose 0.03% to USD 46.78 and copper edged up 0.15% to USD 11,031.00. Brent crude eased 0.10% to USD 65.59 as OPEC’s planned output hikes offset recent gains from U.S. sanctions on Russia and trade optimism.  

Source: Trading View, Analysis: Kalkine Group  

Following a brief corrective phase within a well-established broader uptrend marked by a consistent pattern of higher highs and higher lows, the S&P/NZX 50 Index has recently staged a breakout above its 2024 peak at 13,270. This upward breach confirms the continuation of the prevailing bullish structure and signals the potential for renewed upside momentum. Technically, the breakout opens the way for a possible retest of the all-time high at 13,636. Importantly, the former resistance level at 13,270 has now transitioned into a key support zone, which could underpin the next leg of the advance. While the index is presently experiencing a modest pullback, its ability to hold above this newly established support suggests that the broader uptrend remains intact and the overall technical outlook continues positive.  

Our Stance: It could be said that the broader global markets would continue to be influenced by the earnings reports. RBNZ, in the release dated October 8, stated that the economic growth in NZ’s trading partners has been proving resilient, partly due to the robust investment in AI-related activity, but is projected to slow in 2026. Amidst uncertainties, it is important to track the updates related to the tariffs and trade policies.