First $20 billion New Zealand company minted

The S&P/NZX 50 Index rose 198.51 points, or 1.8 percent, to 11,451.05. Within the index, 30 stocks rose, 12 fell, and eight were unchanged. Turnover was $293.4 million.

Investors continued to react to F&P Healthcare’s record result yesterday, driving its share price up 6.3 percent to $35.60 and giving it a market capitalisation of $20.46 billion - the first homegrown listed company to cross the $20 billion threshold.

Yesterday, the medical device maker reported a 37 percent lift in annual profit to $287.3 million and forecast that to rise to between $325 million and $340 million in the March 2021 year.

Sam Trethewey, a portfolio manager at Milford Asset Management, said the covid-19 pandemic accelerated the adoption of F&P Healthcare's products and had been extremely well-received.