NZ shares rise as vaccine news spurs optimism

The S&P/NZX 50 Index advanced 152.25 points, or 1.3 percent, to 11,502.52. Within the index, 33 stocks rose, 12 fell, and five unchanged. Turnover was $156 million.

Markets across Asia followed Wall Street higher as investors became optimistic after positive news about a potential vaccine for covid-19 emerged overnight.

Stephen Innes, chief global market strategist at AxiCorp, said the data from BioNTech and Pfizer was the most promising so far, even though it was only the first phase trial.  The companies plan to stage a larger trial of 30,000 within weeks, provided they receive regulatory approval.

Australia’s S&P/ASX 200 rose 1.6 percent in afternoon trading, while Hong Kong’s Hang Seng was up 1.5 percent and Shanghai’s Composite Index was up 1.2 percent.