Vaccine hopes prompt rotation into hardest hit covid stocks

Tue, 10 Nov 2020

Investors today sold recently top-performing stocks in favour of those worst affected by the covid-19 pandemic as news of an effective covid-19 vaccine prompted a massive rotation. The S&P/NZX 50 Index rose 50.19 points, or less than half a percent, as money was shifted away from the few pandemic success stories and into the wider market. Within the index, 36 stocks rose, 11 fell and three were unchanged. Turnover was much higher than usual at $326.1 million.Investors’ focus shifted towards companies set to benefit as the vaccine...

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