Shares rise, dollar hits 14-month high

The S&P/NZX 50 Index rose 109.82 points, 0.9 percent, to 11,902.98. Within the index, 35 stocks rose, six fell and nine were unchanged. Turnover was $205 million.

Investors reversed some of the 2.5 percent loss the index incurred over the past two days after improving manufacturing data in China and the US stoked optimism about the local economy.

FX traders were also more positive about the kiwi dollar relative to the fragile USD, which slid further overnight, propelling the NZD/USD to a 14-month high.

The kiwi was trading at 67.80 US cents at 5pm in Wellington, up from 67.57 cents yesterday.