Defensive stocks find favour with investors

The S&P/NZX 50 Index increased 22.36 points, or 0.2 percent, to 9,437.36. Within the index, 26 stocks gained, 21 fell and three were unchanged. Turnover was $128.1 million.

The defensive qualities of New Zealand's market remained the flavour of local trading with power companies, airports and property developers - attractive for their relatively stable dividends - among the day's gainers on hefty volumes.

Auckland International Airport rose 1.3 percent to $7.63 on a volume of 1.9 million shares. Contact Energy increased 0.3 percent to $6.39 on a volume of 1.8 million, Meridian Energy gained 0.9 percent to $3.88 on a volume of 2 million, Kiwi Property Group edged up 0.4 percent to $1.435 on a volume of 1.1 million, Chorus advanced 1.5 percent to $5.42 on a volume of 1.1 million and Precinct Properties New Zealand climbed 1.3 percent to $1.57 on a volume of 1.4 million.

Sky Network Television was the most traded stock, with 3.6 million shares changing hands. It dropped 7.8 percent, or 11 cents, to $1.30, having shed rights to a 7.5 cents per share dividend.