NZ shares rise as investor FOMO stokes demand for beat-up stocks
The S&P/NZX 50 Index advanced 63.25 points, or 0.6 percent, to 10,473.19. Within the index, 27 stocks rose, 20 fell and three were unchanged. Turnover was $346.9 million.
The local benchmark hit its highest point since March 12 as investors switched from selling stocks at record low prices to buying back into those companies with hopes of a full market recovery.
Matthew Goodson, managing director at Salt Funds Management, said it was a remarkable switch in the absence of an economic turnaround or improvement in earnings outlook.
“We had absolute panic in late March, a market where it was ‘get me out at any price’. Now it’s a FOMO market, which appears to be driven by a fear of missing out,” he said.
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