Confidence returns to stocks: Vista bounces back, Refining NZ jumps on review
The S&P/NZX 50 Index increased 250.92 points, or 2.5 percent, to 10,409.94. Within the index, 44 stocks rose and six fell. Turnover was $340 million.
Investors were cheered by the slowing pace of new covid-19 cases in New Zealand and the increasing the likelihood lockdown conditions will be eased next Wednesday. They continued to buy into stocks which have been sold off sharply through the crisis.
Grant Davies, an investment adviser at Hamilton Hindin Greene, said confidence was returning to the market despite the risk of more bad news in the medium term.
“There is still good value in the market, a lot of these stocks are sold off from previous levels and from a long-term perspective there is some pretty good buying,” he said.
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