Entertainment stocks lead market rally

The S&P/NZX 50 Index rose 152.07 points, or 1.3 percent, to 12,055.05. Within the index, 32 stocks rose, 12 fell and six were unchanged. Turnover was $236 million.

The benchmark gained as investors bought stocks hit hardest by covid-19 as important export markets appeared to be managing the virus, said Brad Gordon, an investment adviser at Hobson Wealth.

“In key nations it looks like covid is going through a more controlled period; that seems to be adding some confidence,” Gordon said. 

Casino and hotel operator SkyCity led the market, rising 6.8 percent to $2.67, after it said it would pay a final dividend in late 2021 if there are no significant adverse changes to the current covid-19 status. Its earnings were at the top end of its June guidance.