Market commentaries

WELLINGTON: New Zealand shares rose on the first day of Level 3, with investors optimistic low infection rates could see the economy opened up further.

The S&P/NZX Index climbed 340.08 points, or 3.3%, to 10,759.56. Within the index, 34 stocks rose, nine fell and seven were unchanged. Turnover was $181.6 million.

Trading resumed yesterday after Anzac weekend, following a strong lead from Wall Street overnight.

Locally just three new Covid19 cases were reported yesterday, stoking confidence that Level 2 might come sooner than expected, Craigs Investment Partners investment adviser Peter McIntyre said.

Some 400,000 workers were able to return to their jobs yesterday.

SkyCity Entertainment Group led the market higher, gaining 7.1% to $2.27. Its casinos have all been closed since the Level 4 lockdown began.

Auckland International Airport rose 6.9% to $6.03. Restaurant Brands New Zealand increased 4.3% to $12.10 on a volume of 34,000 shares. Fast food operations were able to resume drivethrough and home delivery services; photos of long queues abounded on social media yesterday.

Air New Zealand rose 4.2% to $1.255. Its March passenger numbers were down 25% on the previous year. Mr McIntyre said the airline was finding support as national carriers around the world had strong support from governments trying to save them.

‘‘As an investor though, you are not going to get any income off it. And the road back to normality is a long, hard one,’’ he said.

Tourism Holdings rose 2.5% to $1.23. Prime Minister Jacinda Ardern yesterday said the Government was still considering special assistance for parts of the economy such as international tourist services which are unlikely to be able to restart operations even when the country moves to Alert Level 2 or 1.

Metlifecare increased 2.2% to $4.17, and Oceania Healthcare shares fell 1.3% to 79 cents.

Westpac Banking Corp declined 1.1% to $15.98. Australia & New Zealand Banking Group also fell 1.3% to $16.79.

µ The Australian sharemarket closed down marginally.

The benchmark S&P/ASX200 index finished Tuesday down 8.3 points, or 0.16%, at 5313.1 points, while the All Ordinaries index was 7.1 points lower, or 0.13%, at 5381.2 points. The Australian dollar fell to 64.53 US cents. — BusinessDesk/AAP