NZ shares extend gain as cooling trade tensions buoy Asian markets

The S&P/NZX 50 index gained 52.55 points, or 0.6 percent, to 8,876.09. Within the index, 22 stocks rose, 24 fell and four were unchanged. Turnover was $96 million.

Stocks across Asia rose, with New Zealand the first market to open after Chinese and US presidents Xi Jinping and Donald Trump agreed to refrain from escalating their trade dispute and tried to find common ground. The gains were broad-based, including growth-orientated stocks, firms typically held for reliable dividends, and the largest and most actively traded companies.

"There was good strength generally across the market based on the progress seen out of China and the US trade negotiations," said James Lindsay, a portfolio manager at Nikko Asset Management. "That's good news to see some progress."

Exporter A2 Milk rose 5.4 percent to $10.91 on slightly higher than average volumes after saying it will meet China's new cross-border e-commerce requirements affecting its sales of Platinum infant formula. Government officials extended the grace period to let foreign firms comply by March 31 next year.