New Zealand shares joined an Asia-wide rally on signs that China-US trade relations may be thawing, while Trade Me hit a record on news the board will back a private equity takeover.
The S&P/NZX 50 index climbed 67.42 points, or 0.8 per cent, to 8,738.36. Within the index, 31 stocks gained, 13 fell and six were unchanged. Turnover was $132.2 million.
Trade Me led the market higher, up 3.1 per cent to a record close $6.37, in heavier than usual trading with 2.6 million shares changing hands.
The online marketplace's board agreed to support a $2.56 billion takeover by British private equity firm Apax Partners, which raised its bid to $6.45 a share. The transaction would be via a scheme of arrangement and will need shareholder, High Court, and Overseas Investment Office approval.
"A wee bit of a bounce today across a number of names, but Trade Me was obviously the driver," said James Lindsay, a senior portfolio manager at Nikko Asset Management.