Possibly as markets are very much forward looking and they are perceiving that the measures that are being implemented are actually starting to work. In addition all the QE pumping that governments are doing is going to raise asset prices. Markets are a accumulation of assets. ANother factor (NZ specific) is that markets do not like uncertainty. So when they knew level 4 was going to be initiated with a 4 week minimum they have more clarity of what is going to happen. Just some ramblings.