NZ shares surge on optimism over tech sector, covid vaccine

The S&P/NZX 50 Index gained 183.57 points, or 1.6 percent, to 11,736.73. Within the index, 27 stocks rose, 15 fell, and eight were unchanged. Turnover was $153.1 million.

Asian markets took their cue from the tech-heavy Nasdaq Composite Index hitting a new record as vaccine data was released and investors looked towards US earnings season. Australia’s S&P/ASX 200 was up 2.3 percent in late trading while Hong Kong’s Hang Seng rose 1.8 percent.

The rush to buy was driven by corporate reporting in the US, where investors are hopeful technology companies will continue to lift earnings despite the pandemic.

“It’s all about tech and high-multiple stocks being aggressively chased once more in that US market,” said Matthew Goodson, director of Salt Funds Management.