NZ shares gain in light trading as investors eye US-China tension
The S&P/NZX 50 Index advanced 113.17 points, or 1.1 percent, to 10,775.80. Within the index, 33 stocks rose, 11 fell and six were unchanged. Turnover was $74.4 million, the lowest since January.
The local market started the week on a tentative note as investors continued to digest China's decision last week to scrap its annual growth target. Separately, Chinese lawmakers seeking greater control over semi-autonomous Hong Kong aggravated an already tense relationship with the US.
Hong Kong's Hang Seng index fell 1 percent today after the US responded by threatening to sanction the city and undermine its status as a financial hub.
However, the New Zealand and Australian markets followed a warm lead from Wall Street, which performed a last-minute U-turn on Friday night to close marginally higher despite trading weaker throughout most of the session. The S&P/ASX 200 was up almost 1.5 percent in afternoon trading.
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