Hot property market drives shares higher

The S&P/NZX 50 Index rose 44.62 points, or 0.4 percent, to 12,280.54. Within the index, 28 stocks rose, 15 fell and seven were unchanged. Turnover was $136.5 million.

The benchmark index is at a record high after gaining almost 4 percent across the past five days.

Hopes of a trillion-dollar stimulus deal in the US and positive corporate news locally have been driving the upward momentum.

Oceania Healthcare led the market higher, rising 4.8 percent to $1.30, while fellow retirement village operator, Summerset Group Holdings, rose 4.5 percent to $9.72 as it continued to attract buyers to the sector after reporting record unit sales for the September quarter.