New Zealand Stocks Erase 2020 Losses as Social Distancing Ends

(Bloomberg) -- New Zealand stocks erased year-to-date losses of as much as 26%, as the country becomes one of the few nations to have successfully eradicated the coronavirus pandemic.

The country’s benchmark S&P/NZX 50 Index gained 3.2% Monday, bringing the advance to 36% from its lowest level this year on March 23. It is the first major benchmark in Asia Pacific to wipe out this year’s losses. Korea’s Kospi Index briefly erased its 2020 decline in early trading Monday.

Kathmandu Holdings Ltd., Air New Zealand Ltd. and Oceania Healthcare Ltd. were among the biggest gainers on the benchmark.

The New Zealand dollar was little changed at 65.11 U.S. cents. It has risen almost 5% this month, leading gains among the Group-of-10 currencies as the economy reopens.

New Zealand Prime Minister Jacinda Ardern said Monday that all remaining restrictions on people and businesses, other than strict border controls to keep the virus out, will be lifted at midnight tonight. The South Pacific nation earlier reported that the last of its coronavirus patients has recovered.

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