Market commentary

WELLINGTON: The lifestyle stocks that had been knocked about by Covid19 — travel, tourism, hospitality, leisure and wine — came alive on news a vaccine was just around the corner, providing hope the visitor sector would pick up.

The New Zealand sharemarket had a wild ride, with the S&P/NZX 50 Index opening the day more than 2% ahead after a big night on Wall Street, but running out of puff and closing with a gain of 50.19 points or 0.4% to 12,612.39.

The record intraday high was 12,840.04 and respirator maker Fisher and Paykel Healthcare, which has done so well during the Covid period, took a hammering.

A huge volume of 92.4 million shares worth $345.84 million changed hands. There were 108 gainers and 39 decliners over the whole market.

The announcement by American pharmaceutical giant Pfizer and German biotech firm BioNTech caused the investing flurry. They said their vaccine, was 90% effective against Covid19.

Jeremy Sullivan, investment adviser with Hamilton Hindin Green, said investors may have got ahead of themselves.

‘‘The vaccine needs to be peer reviewed and it needs US Food and Drug Administration approval.’’

Fisher and Paykel Healthcare plunged $4.52 or 12.23% to $32.43 on trade worth $37 million, while Pushpay Holdings fell 49c or 5.77% to $8.

Auckland International Airport climbed 49c or 6.89% to $7.60; Air New Zealand was up 12c or 8% to $1.62; Tourism Holdings gained 27c or 11.59% to $2.60; SkyCity increased 23c or 7.67% to $3.23 and travel software company Serko rose 46c or 9.13% to $5.50.

Millennium and Copthorne Hotels increased 11c or 6.11% to $1.91.

Manuka honey producer Comvita, another visitor destination, rose 8c or 2.53% to $3.24.

Fletcher Building, which has languished since reaching a low of $3.15 on March 23, climbed 69c or 15.33% to $5.19 after reporting a positive fourmonth trading period ending October. —