NZ shares recover; demand for yield boosts Meridian, Spark
The S&P/NZX 50 Index increased 29.69 points, or 0.3 percent, to 10,513.16. Within the index, 22 stocks rose, 20 fell, and eight were unchanged. Turnover was $185.4 million.
Stocks across Asia Pacific were generally stronger as fears over the US-China trade war subsided. China's Shanghai Composite Index rose 1.7 percent in afternoon trading, Australia's S&P/ASX 200 Index was up 0.5 percent and South Korea's Kospi 200 Index also rose 0.5 percent. US President Donald Trump's heightened rhetoric over the trade dispute spurred a sell-off on Wall Street late last week that carried on to Monday.
"The market is following what's happening offshore more closely and whatever Mr Trump is talking about. We don't know what he's going to say next and it can push markets a lot higher or a lot lower," said Grant Williamson, a director at Hamilton Hindin Greene.
The electricity generator-retailers were particular beneficiaries today as reliable income streams remain in demand, he said.
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