NZ shares rise on improved US-China trade outlook
The S&P/NZX 50 Index increased 39.86 points, or 0.4 percent, to 10,801.55. Within the index, 23 stocks rose, 15 fell and 12 were unchanged. Turnover was $79.2 million.
Stocks across Asia were higher, following the upbeat tone from Wall Street on Friday, as investors remained optimistic that a trade deal between US and China can be reached. US Commerce Secretary Wilbur Ross said over the weekend that licences for American firms to sell to Chinese telecommunications equipment make Huawei Technologies would be approved very soon.
Hong Kong's Hang Seng was up 1.3 percent in afternoon trading, Australia's S&P/ASX 200 Index rose 0.2 percent, and South Korea's Kospi Composite Index advanced 1.1 percent.
Peter McIntyre, an investment advisor at Craigs Investment Partners, said the easing trade tensions and stronger than expected US jobs data helped push Wall Street higher on Friday, and that had continued across Asia.
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