Australian rate cut fuels NZ shares

The S&P/NZX 50 Index rose 59.48 points, or 0.5 percent, to 12,130.31. Within the index, 29 stocks rose, 16 fell and five were unchanged. Turnover was $133 million.

The Reserve Bank of Australia cut the cash rate to a record low 0.1 percent and committed to a A$100 billion bond buying programme to keep interest rates low and assist the recovery of the Australian economy.

The S&P/ASX 200 was up more than 2 percent - its biggest climb in almost a month - while the currency barely reacted to the decision.

The kiwi dollar climbed from 94.04 Australian cents to peak at 94.27 cents and was trading at 94.14 by 5pm in Wellington.