Records tumble as NZX50 cracks 13,000

The S&P/NZX 50 Index advanced 177.52 points, or 1.4 percent, to 13,020.21. Within the index, 28 stock rose, 17 fell, and five were unchanged. Turnover was $140.8 million, with trading rooms thinning out as the summer holidays approach.

Grant Williamson, a director at Hamilton Hindin Greene, said the NZX typically enjoys a strong end to the year, with many institutional investors on holiday and retail investors more active.

The local stock market again outperformed the rest of Asia, with investors continuing to fret over the new covid-19 strain, the last-minute talks to cut a Brexit deal, and whether US President Donald Trump will sign off a new pandemic stimulus bill.