NZ shares rise as investors catch up with Australian gains
The S&P/NZX 50 Index rose 156.8 points, or 1.4 percent, to 11,760.88. Within the index, 31 stocks rose, 17 fell and two were unchanged. Turnover was $219.8 million.
Overnight, global equities rebounded on the news that China’s Ministry of Finance would halve additional tariffs levied against 1,717 US goods and following better-than-expected US corporate earnings results and data.
Despite no conclusive signs the tide has turned against coronavirus, global markets have taken on a bolder mood regarding risk.
Matthew Goodson, director of Salt Fund Management, said the local market was catching up to the Australian S&P/ASX 200 Index which closed up 1.1 percent.
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