NZ shares gain as trade fears ease
The S&P/NZX 50 index increased 126.07 points, or 1.4 percent, to 8,947.22. Within the index, 35 stocks gained, seven fell and eight were unchanged. Turnover was $91 million.
Asian markets pushed higher after the US and China extended trade talks in Beijing for an unscheduled third day on Wednesday, amid signs of progress. Australia's S&P/ASX was up 0.9 percent while Japan's Topix was up 1.4 percent and Hong Kong's Hang Seng was up 2.4 percent.
"Our market has a strong, firm tone with reasonable leads from offshore. It's a sea of green in Asia today and we are just part of it," said Peter McIntyre, investment adviser at Craigs Investment Partners. "It's interesting there is still a shutdown in the US and that hasn't had a material impact on markets at all but the reduced trade tensions have certainly had a significant impact on markets."
He noted, however, that volumes remain light in holiday-affected trading.
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