Travel stocks lead stock market higher

The S&P/NZX 50 Index rose 76.75 points, or 0.7 percent, to 11,975.02. Within the index, 35 stocks rose, 12 fell and three were unchanged. Turnover was $146.1 million.

Air New Zealand led the market higher, rising 3.7 percent to $1.56. The national carrier has gained more than 10 percent since a one-way safe travel corridor from NZ into Australia was announced on Friday.

Grant Davies, an investment adviser at Hamilton Hindin Greene, said positive sentiment from travel management software company Serko’s successful capital raising was spilling over to the airline.

In late September, Air NZ said it will raise capital before June, having already started drawing down on its $900 million loan facility with the government. Today, it's chief financial officer Jeff McDowall said he will leave the airline once it's finished its capital raising.