NZ shares gain as investors eye upcoming Fed meeting

The S&P/NZX 50 Index rose 21.07 points, or 0.2 percent, to 10,191.33. Within the index, 25 stocks gained, 16 fell, and nine were unchanged. Turnover was $125.5 million.

Stocks across Asia were generally stronger, with Australia's S&P/ASX 200 Index up 0.5 percent in late trading and Singapore's Straits Times Index rising 0.8 percent. The Federal Open Market Committee will review US rates this week, and investors are hoping for a steer on whether the world's biggest central bank will cut its benchmark interest rate.

"The market's drifting sideways a little bit, waiting for the outcome of the FOMC meeting," said Craigs Investment Partners investment advisor Peter McIntyre.

"Market pricing is that rates are going to go lower - the market's not looking for an immediate rate cut, but is looking for confirmation that over the coming six months the Fed is going to cut rates, which is supportive for equities."