F&P Healthcare propels share market higher

The S&P/NZX 50 Index rose 221.24 points, or 1.7 percent, to 13,333.43. Within the index, 27 stocks rose, 18 fell and five were unchanged. Turnover was $201.9 million.

After months of the index’s direction being dictated by international trends, local corporate news drove today’s climb while other Asian markets declined on concerns over a covid outbreak in China. Parts of Beijing have been in lockdown since mid-week.

“The lockdown in China has understandably raised some concerns among investors who, after a slow start to the global vaccine rollout, are debating how fast economies can vaccinate the most vulnerable and start returning to business as usual,” said Stephen Innes, chief global markets strategist at Axi.