New Zealand shares rose to a two-month high, led by retailer Hallenstein Glasson, extending its rally from a four-year low as investors went bargain hunting.
The NZX 50 Index advanced 31.175 points, or about 0.6 percent, to 4921.671, the highest close since Nov. 14. Within the index, 31 stocks rose, 12 fell and seven were unchanged. Turnover was $75 million.
Hallenstein, whose shares tumbled more than a quarter last week after it issued a profit warning, led gainers on the NZX 50 rising 7.1 percent to $3.48 as investors were attracted by its relative cheapness.
"Its bottom fishing, you always get a lot of volatility after a profit warning," said James Lee, head of institutional equities at First NZ Capital.
New Zealand's biggest listed company Fletcher Building helped pace gains, rising 1.5 percent to $9.06, after it announced former Commonwealth Bank of Australia Ralph Norris will join its board in April.