Second vaccine sees investors eye recovery

The S&P/NZX 50 Index rose 20.11 points, or 0.2 percent, to 12,765.03. Within the index, 29 stocks rose, 15 fell and six were unchanged. Turnover was $219.9 million.

Offshore markets were buoyed by news about Moderna’s vaccine, which a 30,000-patient study showed to be 94 percent effective, it is also easier to distribute than Pfizer’s version.

Only five patients who received the vaccine later developed covid-19, while in the control group there were 95 infections.

The news generated a reasonably modest reaction as markets had already climbed significantly on the Pfizer news last week.