Defensive stocks find favour on NZX; Contact, Meridian rise

The S&P/NZX 50 index increased 10.92 points, or 0.1 percent, to 8,670.94. Within the index, 19 gained, 26 fell, and five were unchanged. Turnover was $124.9 million.

Asian stock markets were mixed with Hong Kong's Hang Seng down  0.1 percent and Australia's S&P/ASX 200 index gaining 0.2 percent in afternoon trading as investors weigh up the impact of heightened trade tensions between the US and China and Britain's delayed Brexit vote in the face of widespread opposition.

Rickey Ward, NZ equity manager at JBWere, said that environment of uncertainty makes New Zealand's share market relatively attractive given the prevalence of defensive stocks such as the generator-retail power companies, property investors, and utilities.

"People have said they want to get out of growth and go defensive again and lo and behold, the New Zealand market is pretty attractive and things are looking pretty good again," he said.