NZ shares close at month-high on optimism over covid-19 response
The S&P/NZX 50 Index rose 195.12 points, or 2 percent, to 10,159.02. Within the index, 34 stocks rose, 13 fell and three were unchanged. Turnover was $184 million.
The benchmark index continuing to rally from its March 23 low as the pace of new covid–19 cases slows, increasing the likelihood the lockdown will be eased on April 22.
Sam Trethewey, a portfolio manager at Milford Asset Management, said this was prompting investors to buy into stocks that will benefit as the consumer economy kicks back into gear.
“Cyclical or domestic economy exposures that have been under some pretty significant pressure recently are the stocks investors are getting a bit more excited about,” Trethewey said.
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