Mother of all reversals on NZX today

The S&P/NZX 50 Index rose 190 points, or 1.6%, to 11,923.38. Turnover was $185 million.

Only yesterday, Putin’s invasion triggered the biggest decline on the index since the covid crash in March 2020. Today, it recovered almost half of that decline.

Stephen Innes, a managing partner at SPI Asset Management, said the “complete turnaround” in markets may have been due to a softer set of sanctions imposed on Russia.

The United States and Europe could have shut Russia out of the global banking system and blocked their energy exports but have not done so, he said.