Travel stocks rally on Aussie reopening
The S&P/NZX 50 Index rose 20.58 points, or 0.2%, to 12,272.48. Within the index, 29 stocks rose, 16 fell and five were unchanged. Turnover was $165.5 million.
“The big news of the day was out of Australia where they signalled the borders would be reopened at the end of October,” said Brad Gordon, an investment adviser at Hobson Wealth Partners.
The stock market was also getting support as long-dated bond yields continued to fall from 18-month highs, and was encouraged by New Zealand’s own vaccination plan announced on Wednesday, he said.
National carrier Air New Zealand had one of the day’s biggest gains, up 3.3% to $1.70, as investors were encouraged by the possibility of future flights to and from Australia.
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