Government support package helps NZ shares rally
The S&P/NZX50 rose 610.45 points, or 7.2 percent, to 9,109.15. Within the index, 39 stocks rose, seven fell and four were unchanged. Turnover was $250 million.
Stocks climbed back from the previous session’s slide as investors tried to find an equilibrium between opportunity and risk in unprecedented economic conditions, said Peter McIntyre, an investment adviser at Craigs Investment Partners.
Today, New Zealand banks were offered government guarantees on up to $6.25 billion in new lending to "solvent businesses" to help tide them over the economic hit caused by the covid-19 crisis. Meanwhile, the US Federal Reserve announced it will do whatever it takes to support markets, which McIntyre said helped calm markets.
“If all else fails they’ve got one big printing press in the basement waiting to get going as well,” he said.
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