NZ shares gain on open border and cheaper oil
The S&P/NZX 50 Index rose 72 points, or 0.6%, to 11,874.11. Turnover was $183 million.
US equity markets rose more than 2% overnight as a further fall in oil prices encouraged investors to buy back risk assets.
Jason Wong, a BNZ Bank strategist, said traders were likely expecting the covid-19 lockdown in China – the world’s largest oil importer – to result in less demand.
“Some of the recent surge in oil prices reflected speculators pushing prices higher, rather than an actual shortage of oil, and the increased margins imposed by clearing houses has reduced speculative behaviour and a closing of active positions,” he said.
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