NZ shares follow Asian rally; exporters F&P Health, A2 gain
The S&P/NZX 50 index increased 23.08 points, or 0.3 percent, to 8,745.59. Within the index, 18 stocks gained, 25 fell and seven were unchanged. Turnover was $132.3 million.
Stocks across Asia gained, as investors regained some optimism about efforts to cool the US-China trade stoush after China confirmed it will lower auto tariffs on US goods. The world's two biggest economies are working to a 90-day timeframe to find common ground and dial back tensions that have seen tit-for-tat tariffs imposed on exports.
"They've got 80 or so days to come to an agreement and I'm sure they'll be rolling out the Tweets about how positive everything is," said Greg Smith, head of research at Fat Prophets.
Exporters led gains on the domestic market, with F&P Healthcare, up 4.6 percent at $12.40 in average trading. A2 rose 1.9 percent to $10.95 on moderate volumes, while Scales Corp increased 1.2 percent to $4.32. National carrier Air New Zealand rose 2.3 percent to $3.09.
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