New Zealand shares extended their rally from a three-month low earlier in the week as stock markets around the world recovered on the prospect of slower US growth tempering optimism for higher interest rates. OceanaGold led gainers.
The NZX 50 rose 23.35 points, or 0.532 per cent, to 4416.96. Within the index, 30 stocks rose, 13 fell and seven were unchanged. Turnover was $148.9 million.
The local bourse followed stocks higher across Asia, with Australia's S&P/ASX 200 index up 1.8 per cent in afternoon trading, Hong Kong's Hang Seng up 1.6 per cent and Japan's Nikkei 225 index rising 2.3 per cent.
"Economic data out of the US reminded people the central bank won't completely step away just like that," said Mark Lister, head of private wealth research at Craigs Investment Partners. "We've seen Asian market bounce today, though New Zealand is not as strong as some other Asian markets."