NZ market upbeat as China's economy opens back up

The S&P/NZX 50 index rose 69.8 points, or 0.6%, to 11,881.00. Turnover was $98.1 million.

Devon Funds head of retail Greg Smith said China was the big news of the day and now investors were starting to anticipate consumer price index (CPI) data out next Wednesday.

Any downside in the CPI would be “positively received” he said, but investors would be less than happy with any upside in the data.

Business confidence tanked to its weakest level since 1970 in the December quarter after the Reserve Bank of New Zealand's more hawkish monetary policy statement (MPS) in November.