NZ shares rise on trans-Tasman bubble

The S&P/NZX 50 Index rose 83.1 points, or 0.7%, to 12,767.83. Within the index, 30 stocks rose, 14 fell, and six were unchanged. Turnover was $153.6 million.

Opening the bubble with Australia has many economic implications and likely “marks another big step back towards life as we knew it”, said Chris Tennent-Brown, an ASB Bank economist.

Personal travel between Australia and New Zealand usually adds around $500 million to the domestic economy each year, although that contribution is smaller during winter.

Auckland International Airport is the most obvious beneficiary of increased travel. Its stock rose 4.7% to $7.73 as scenes of families reunited and various zany sideshows at the airport were broadcast across media channels.