Shares climb on US fiscal stimulus
The S&P/NZX 50 Index rose 59.97 points, or 0.5 percent, to 12,145.15. Within the index, 24 stocks rose, 23 fell, and three were unchanged. Turnover was $185.8 million.
“Markets traded with more of a positive tone overnight, bolstered by the pending introduction of massive US fiscal stimulus and the hope that the speedy development and distribution of covid-19 vaccines means that the worst may be behind us,” said Mike Smith, an economist at ASB Bank.
Cinema software company Vista Group International led the market higher on light volume. The company rose 5.3% to $1.78 as investors continued to anticipate a global return to cinema’s later this year.
Electricity generators continued volatile trading, although bouncing up today. Meridian Energy climbed 4.1% to $5.36, Genesis Energy rose 3.4% to $3.795, and Contact Energy was up 2.5% at $6.85.
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