NZ shares outperform Asia as blue chips bounce back

The S&P/NZX 50 Index advanced 234.95 points, or 1.9 percent, to 12,842.69. Within the index, 30 stocks rose, 14 fell, and six were unchanged. Turnover was $208.3 million.

New Zealand’s bourse was a bright star among Asian stock markets, with most in the red as investors fretted over the new strain of covid-19 threatening to derail the global recovery with a new round of lockdowns.

“We’re one of the only markets in Asia that are up – across the Tasman resources are not doing particularly well,” said Peter McIntyre, an investment adviser at Craigs Investment Partners.

“Our dollar is weaker and we’re up.”