New Zealand shares extended their gains as investors continued to enjoy the prospect of lower interest rates reviving a moribund economy, with Skellerup rallying on solid earnings in a tough environment.

New Zealand’s benchmark index surged as the Reserve Bank of NZ started unshackling the economy with a rate cut and signalled more to come.

New Zealand shares were broadly stronger, with Genesis Energy and Contact Energy among the day’s gainers after cutting a deal to secure gas supply in the current energy shortage.

Vista Group International led the benchmark index higher as the local stock market joined a stronger day across Asia, with investors eyeing up a potential rate cut later this year before the earnings seasons kicks up a gear.

New Zealand’s stock market slipped into the red in late trading, rounding out a 1.7% decline this week as fears over the strength of the US economy injected volatility into global markets.

Electricity generator-retailers pushed the local stock market down today as a spike in energy prices stresses the sector and manufacturers dialling back their operations.

Vista Group International led the local stock market higher as Japanese policymakers sought to quell market instability and fears about a potential US recession subsided.

New Zealand shares fell for a third day, having been left behind by the recovery across Asia after Monday’s rout in Japan, as economists ratcheted up calls for interest rate relief to ease a slowing economy.

New Zealand shares joined a global rout as markets across Asia felt the brunt of Friday’s weak US jobs report. The report stoked fears of a recession in the world’s biggest economy and dented exporters exposed to America, such as Fisher & Paykel Holdings.

New Zealand stocks held up better than offshore markets as investors became wary of a global economic slowdown. At home, the Warehouse Group fell nearly 15% after knocking back a takeover proposal.

The New Zealand sharemarket traded steadily with a rise of more than 0.5% on the back of a rebound in the United States technology sector as investors there get ready for interest rate cuts.

The New Zealand sharemarket made a small gain on a mixed bag of gains and losses ahead of the coming reporting season.

Global exporters Fisher and Paykel Healthcare and a2 Milk, helped by a weaker currency, led the New Zealand sharemarket higher, rising more than 0.5%.

Manuka honey producer Comvita slumped on its fourth earnings downgrade in eight months, but the New Zealand sharemarket hung in with a small fall.

The New Zealand sharemarket ground out a small gain for the week, with three small-cap software firms gaining strength and consumer confidence slowly improving. 

The New Zealand sharemarket, with Mainfreight having one of its biggest single-day falls, was down 1% on the back of a big sell-off in the technology sector in the United States.