Exporters rally as omicron tames kiwi
The S&P/NZX 50 Index rose 90.42 points, or 0.7%, to 12,856.87, with turnover across the wider market a respectable $252.8 million.
Investors started the week nervous about the spread of the omicron variant of covid-19, with some nations imposing restrictions to rein in the virus. Meanwhile, US president Joe Biden’s major infrastructure spending programme hit a snag as it lost support in the Senate.
That’s kept traders wary of risk-sensitive currencies such as the NZ dollar, which fell across most major currencies today, trading at 67.12 US cents at 3pm in Wellington, down from 67.34 cents yesterday. The trade-weighted index was at 72.32, down from 72.50.
“The sentiment indicating three amigos, the Canadian, Australian and NZ dollars, did not rally on US dollar weakness overnight elsewhere. That suggests that markets remain vulnerable to more virus headlines and that dips in the US dollar may be shallow,” said Jeffrey Halley, senior market analyst Asia Pacific at Oanda.
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