NZ shares buoyed by RBA rate cut, US-China trade talks

The S&P/NZX 50 Index increased 67.41 points, or 0.6 percent, to 10,531.94. Within the index, 27 stocks rose, 18 fell, and five were unchanged. Turnover was $103.9 million.

The local market got a boost late in the day from the Reserve Bank of Australia cutting its target cash rate to 1 percent, increasing the attraction of utilities, infrastructure companies and property firms offering reliable dividends. That initially lifted S&P/ASX 200 Index, although the Australian benchmark was up just 0.1 percent in late trading.

Investors were already in an upbeat mood after the US and China agreed to return to the negotiating table in an effort to avoid the tit-for-tat imposition of tariffs in the on-going trade stoush.

"The market has had another strong day on light turnover, with reasonable offshore leads based on trade truces and negotiations being seen as more positive," said Peter McIntyre, an investment advisor at Craigs Investment Partners.