McIntyre said the Australian rate cut made property stocks even more attractive in a low interest rate environment, given the reliable dividends they typically pay.
Among today's gainers, Property For Industry rose 2.1 per cent to $2.20, Stride Property was up 1.4 per cent at $2.23 and Argosy Property increased 1.1 per cent to $1.395. Other yield stocks also gained, with Contact Energy up 1.9 per cent at $7.95 and Trustpower rising 1.6 per cent to $7.49.
Fletcher Building led the market higher, up 2.9 per cent at $5.04 on a volume of 1.4 million shares, more than its 90-day average of 1.2 million. Government data today showed new house building permits hit a 45-year high in May. Fletcher's residential unit has been one of its strongest performers.
McIntyre said investors are still assessing the update the firm provided last week, which outlined plans for a $300m share buyback and noted a weaker trading environment in Australia than anticipated.
Goodman Property Trust was the most traded stock with 3.8 million units changing hands, almost four times its 950,000 average. The stock was unchanged at $1.92 ahead of tomorrow's annual meeting.
Spark New Zealand was unchanged at $4.05 on a volume of 2.1 million shares, less than half its average 5.1 million.
Arvida Group fell 0.2 per cent to $1.36 on a volume of 1.8 million shares, more than its usual volume of 390,000. The retirement village operator's shares today shed rights to buy shares at $1.15 apiece in a renounceable rights issue.
Kathmandu Holdings posted the day's biggest decline, down 2.3 per cent at $2.10 on a volume of 101,000 shares, less than its 157,000 average. Tourism Holdings fell 1.3 per cent to $3.80 and Mercury NZ was also down 1.3 per cent at $4.54.
Heartland Group Holdings was unchanged at $1.65 after announcing a new A$250m funding facility for its Australian reverse mortgage business. The company restructured its business last year to ensure its Australian unit could access funding without needing to meet New Zealand banking prudential limits.
Heartland Bank's submission on the Reserve Bank's capital requirement proposals was published this week, throwing its support behind the stricter regime because it would reduce the advantage the big four Australian-owned banks have.
Outside the benchmark index, Plexure Group extended this year's rapid gain, rising 7.7 per cent to $1.12, valuing the firm at $146m. The stock has soared 285 per cent so far this year, making it the best performer so far on the S&P/NZX All Index.
Westpac Banking Corp's capital notes paying 4.965 per cent annual interest were the most traded debt security on a volume of 1.01 million. They closed at a yield of 2.91 per cent, up 1 basis point.
Spark's 2026 bond paying 3.94 per cent traded on a volume of a million notes. It closed at a yield of 2.47 per cent, down 8 basis points.