Investors find hope in a trans-Tasman bubble
The S&P/NZX Index increased 14.75 points, or 0.1 percent, to 10,490.73. Within the index, 28 stocks rose, 14 fell, and eight were unchanged. Turnover was $138.1 million.
Kathmandu rose 10.7 percent to 83 cents after it said it had begun to reopen its Australian stores after a month-long closure. The majority of Kathmandu and Rip Curl stores in New South Wales and Queensland have already reopened with robust safety protocols in place and the remaining stores are expected to reopen by the end of this week.
“Analysts were largely pricing in an indefinite ‘on hold’ for this financial year, so to be opening up towards middle of May adds six weeks of sales that analysts had already written off,” chief market strategist at CMC Markets Michael McCarthy said.
While stores in New Zealand and other jurisdictions remain closed, they too will begin to reopen as governments allow.
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