index Update: On 23rd April, the broader NZ market ended lower amidst selling in the healthcare sector. On the same day, S&Amp;P/NZX 50 index witnessed a fall of 0.47% to end at 12,884.930 and S&Amp;P/NZX 20 index declined by 0.51% to 7,268.630. S&Amp;P/NZX 10 index encountered a decline of 1.15% to 12,367.110. Notably, S&Amp;P/NZX All Health Care witnessed a fall of 1.70% to 2,737.730.   

Macro Update: Stats NZ released productivity statistics, with labour productivity rising 0.8% in the year ended March 2025 (for the measured sector). While the multifactor productivity fell 0.9%, the Capital productivity witnessed a fall of 3.0%. In the year ending March 2025, labour productivity increased in both the measured-sector service and primary industries, rising by 1.1% and 4.0%, respectively.  

Market Movers: Among top gainers, Locate Technologies Limited (NZX: LOC) witnessed a rise of 14.29% to end at $0.024 per share. On the other hand, Black Pearl Group Limited (NZX: BPG) declined by 7.30%.   

Commodity Update: The dollar hovered near a one-and-a-half-week high on Thursday as tensions between the U.S. and Iran and stalled peace efforts lifted oil above USD 100 per barrel, dampening sentiment. Gold slipped 0.63% to USD 4,723.05, silver dropped 2.47% to USD 76.05, and copper declined 1.34% to USD 13,256.50. Brent Crude gained 1.84% to USD 103.73 amid limited shipping activity in the Strait of Hormuz.  

Source: Charts by TradingView, Analysis: Kalkine Group   

The S&Amp;P/NZX 50 index extended its minor downtrend following its most recent peak in the latest Trading session, dropping 60.67 points, or 0.47%, to close at 12,884.94 points. From a technical perspective, the continued inability to retest resistance at 12,960.34, which coincides with the 21-day SMA, reinforces concerns that the short-term uptrend from the most recent trough may be breaking down. Furthermore, the 14-period RSI remains below its midpoint, indicating weakening momentum and supporting a near-term bearish bias. Conversely, a decisive and sustained breakout above the mid-March peak of 13,339.06, accompanied by stronger Volume, would be required to invalidate the downside risk and signal a potential trend Reversal.  

Our Stance: As of now, the US markets remain near record highs, driven by strong momentum in technology and Growth Stocks. Investor sentiment has improved on easing geopolitical tensions and ceasefire developments. Solid corporate Earnings and resilient economic data are further supporting gains. Coming to NZ, the markets have shown a cautious and mixed trend. Overall, the sentiment remains cautious because of Inflation and Interest Rate concerns.  

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