New Zealand shares joins Asia rally; Air NZ plummets
The S&P/NZX50 rose 87.91 points, or 1 percent, to 9,114.53. Within the index, 27 stocks rose, 20 fell and 3 were unchanged. Turnover was almost double the average at $482.7 million with an extended adjustment session to accommodate the last trading day before the FTSE Russell's quarterly index review.
Chris Smith, general manager at CMC Markets New Zealand, said US equity markets reversed overnight with the S&P 500 closing up 0.5 percent and the Dow Jones increasing 1 percent.
That spilled into Asia, where Hong Kong’s Hang Seng was up 3 percent, Shanghai’s SSEC rose 0.5 percent and Australia’s S&P/ASX200 climbed 1.8 percent.
The local benchmark is off almost 3 percent across the week and down 20.5 percent in the year-to-date.
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