Local market in lock-step with ASX

The S&P/NZX 50 closed up 0.3 percent, or 36.76 points, at 11,683.44. Within the index, 31 stocks were up, 14 were down and five were unchanged. Turnover was $112.5 million.

Stocks with exposure to the Australian market led gains on the local market as new fiscal stimulus in the United States, which investors expect to support the global economy, helped to start the week with a bounce.

Australian-owned banks were among the stocks making the biggest gains. Westpac Banking Corp rose 4.2 percent to $18.80 and Australia & New Zealand Banking Group was up 3.4 percent to $19.70.

Peter McIntyre, an investment advisor at Craigs Investment Partners, said banking stocks were trading higher on the ASX as investors sought out a cash return on investment.