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Ricky Wilson / Stuff
Kiwi investors shook off the negativity of foreign markets on Tuesday, with Fisher & Paykel Healthcare leading the way.
The New Zealand stock market closed broadly positive on Tuesday, despite lighter volumes and negative leads from Wall St and Australia.
Concerns about more lockdowns in Europe and delays in further fiscal stimulus in the United States sent the Dow Jones down 1.8% Monday night, and the S&P 500 fell 1.16%.
But New Zealand played down that trend, closing 0.6 percent higher at 11,611 on news that the country was loosening its Covid-19 restrictions in Auckland and the rest of the country.
Jeremy Sullivan, investment adviser at Hamilton Hindin Greene, said he did not believe the relaxation of alert levels warranted a further rebound.
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” It was quite well signposted; obviously for many businesses it is a relief that it was announced and of course Auckland has a little way to go. But the rest of the country can start planning with more certainty and that will flow into the broader economy. ”
Sky City rose 3 percent to $ 2.87 after announcing that it was able to increase capacity at its casinos in the wake of the Covid announcement.
Bargain hunters pounced on one of the index’s most valuable stocks, Fisher & Paykel Healthcare, which rose $ 1.28, or 4.1 percent, to $ 32.47.
SUPPLIED / Stuff-co-nz
Fisher & Paykel Healthcare humidifiers and breathing machines have given the company a big boost during Covid.
Fisher & Paykel, which has skyrocketed during the coronavirus crisis due to the company’s respiratory products, fell on Monday as investors’ appetite for Covid-related stocks waned.
Another stock that performed well during the crisis, tithe software firm PushPay, rose nearly 2 percent to $ 7.75 after announcing a new director.
On the downside, Briscoe Group was down 4.1 percent to $ 3.91 and Sky TV fell more than 5 percent to 14.6 cents.
