NZ shares rise as investors look for safety

The S&P/NZX 50 Index rose 78.99 points, or 0.7 percent, to 11,584.05. Within the index, 24 stocks rose, 19 fell, and seven were unchanged. Turnover was $150.2 million.

Property stocks were among the stronger performers as investors sought the relative safety of tangible assets and reliable cash flow as new infections in the US reached a daily record.

Australia’s S&P/ASX 200 Index started the day stronger, but quickly turned negative once the state of Victoria announced a record 428 new covid-19 cases. The ASX 200 was flat in late trading.

The local market was one of the best performers across Asia, with global investors encouraged by the NZ’s virus-free status, and manufacturing data that showed a pick-up in activity.