New Zealand shares rose, led by Kathmandu Holdings and Fletcher Building, with investor confidence not dented by political turbulence following Prime Minister John Key announcing his intention to resign yesterday.
The S&P/NZX50 Index gained 55.66 points, or 0.8 percent, to 6,910.37. Within the index, 32 stocks rose, 12 fell and seven were unchanged. Turnover was $133.1 million.
"There are no discernable market changes to the political changes here, status quo expectation is policy as usual," said Matt Goodson, managing director at Salt Funds Management. "The market hasn't factored in the very slight chance there could be some sort of split in the National caucus, and it's probably too early to factor in the next election and any impact on those as yet."
Kathmandu Holdings led the index, up 3.8 percent to $1.90, while Fletcher Building gained 2.9 percent to $10.42 and Tegel Group Holdings rose 2.7 percent to $1.55.
SkyCity Entertainment Group rose 0.5 percent to $3.85. New Zealand's dominant casino company has named John Mortensen to the new role of group chief operating officer.Tilt Renewables was the worst performer on the index, down 3.7 percent to $1.80.