NZ shares rise as Fletcher Building hikes forecast

The S&P/NZX 50 Index rose 183 points, or 1.5%, to 12,121.65. Turnover was $115 million.

Shares markets around the world had generally moved higher over the past 24 hours as investors welcomed “cooling geopolitical tensions,” said Tina Teng, a CMC Markets analyst.

The US dollar weakened with investors sensing less risk of fallout from the crisis, which helped the NZ dollar gain a little ground – trading at 66.40 US cents from 66.22 yesterday. 

Peter Cavanaugh, managing director at Independent Treasury Advisors, said currency traders were nervous with both economic and geopolitical risks “simmering in the background”.