NZ shares come roaring back

The S&P/NZX 50 Index jumped 258 points, or 2.1%, to 12,868.32. Turnover was $242 million.

While the world is still waiting for confirmation omicron is less severe – albeit more transmissible – than delta, investors have decided no news is good enough to start buying again.

“The ‘buy-the-dip’ mentality remains a feature of US equity markets, with the easing of omicron concerns leading to a strong 2.1% gain in the S&P 500,” said BNZ strategist Jason Wong.

Sky Network Television led the market higher for a second day after it won over equity analysts with a cost cutting exercise that delivered a major earnings upgrade. It climbed 14.6% to $2.36, its second day of double-digit gains.