Shares soar amid flurry of local news

The S&P/NZX 50 Index rose 114.60 points, or 0.9 percent, to 12.667.98. Within the index, 29 stocks rose, 15 fell and six were unchanged. Turnover was $280.3 million.

Overnight, US financial markets continued to trade on the expectation that vaccines could mean 2021 would be a return to normal, with further encouragement coming from President-Elect Joe Biden naming a dovish former chair of the US Federal Reserve as his treasury secretary.

On the home front, investors’ attention was largely absorbed by a wave of announcements, results, and annual general meetings from NZX-listed companies. 

Meridian Energy led the market higher, suddenly jumping 5 percent to $6.30 as it made a late break in afternoon trading. The stock had previously been in decline as interest rates moved higher, making the electricity company’s hefty price tag harder to justify.