NZ shares gain; Wall Street rally brings out bargain hunters
The S&P/NZX 50 Index advanced 155.23 points, or 1.7 percent to 9,264.38. Within the index, 46 stocks rose, and four fell. Turnover was $261 million.
Equity markets around the world were buoyed by the prospect of a US$2 trillion stimulus package getting through deep divisions among US policymakers. The Dow Jones Industrial Average rose 11 percent overnight, and across Asia, Japan’s Topix was up 4.6 percent in afternoon trading, Hong Kong’s Hang Seng rose 2.1 percent and Korea’s Kospi 200 Index rose 4.1 percent.
New Zealand’s benchmark index started the day strongly, having climbed 7.2 percent yesterday as investors were buoyed by the government’s domestic support package.
At one point, the NZX50 was up more than 6 percent, but that petered out through the day.
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