Shares bounce on big banks boost

The S&P/NZX 50 Index rose 107.19 points, or 0.9 percent, to 11,797.08. Within the index, 33 stocks rose, 10 fell and seven were unchanged. Turnover was $122.2 million.

The local market got a kick from across the Tasman after the Morrison government announced it would scrap responsible lending laws, which put the onus on banks to ensure loans were serviceable.

The Australian banks welcomed the news saying it would reduce onerous regulations and encourage an easier flow of loans that could boost a recovery from the covid-19 recession.

Shane Solly, a portfolio manager at Harbour Asset Management, said investors' positive response to the banks' newfound freedom drove market gains.