Knock, knock, knocking on the magical 10,000 mark

The S&P/NZX 50 Index rose 73.85 points, or 0.7 percent, to a record 9,982.24. Within the index, 32 stocks gained, eight fell, and 10 were unchanged. Turnover was $105.2 million.

Retirement home developers were buoyed by Prime Minister Jacinda Ardern's decision to can a capital gains tax after failing to find common ground with her coalition and support partners. The prospect of a capital gains tax had been an unwelcome uncertainty for the sector, which in recent years had enjoyed the tailwind of an ageing demographic and a hot property market.

Summerset led the index higher, up 3.9 percent at $5.90 on a volume of 464,000 shares, more than its 90-day average of 303,000. Metlifecare advanced 3.8 percent to $4.87 and Ryman Healthcare increased 1.3 percent to $11.85.

Mark Lister, head of research at Craigs Investment Partners, said the gains partly reflected the reduced threat of a capital gains tax hitting the housing market.