NZX sharemarket up after Democrats gain control of US Senate

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The New Zealand stockmarket is running at 1.3 percent up in strong trading after the Democratic Party gained control of the US Senate.

NZX in Auckland.

Photo: 123RF

Despite the ensuing chaos engulfing the US Capitol, US investors had begun the day bullish over the next four years.

Overnight, Wall Street investors were piling into financial and industrial stocks in the hopes that a Democratic win would lead to more fiscal stimulus and infrastructure spending.

The local NZX has followed.

The benchmark top-50 index is up by about 175 points or 1.3 percent in early trading, with stocks being snatched up across the board.

The Democrat’s victory has also pushed up clean energy stocks, such as Meridian Energy which is up by as much as 5 percent or 44 cents.

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