NZ shares gain as yields remain attractive in low rate environment

The S&P/NZX 50 index advanced 44.24 points, or 0.5 percent, to 9,315.77. Within the index, 35 stocks gained, 12 fell and three were unchanged. Turnover was $137.5 million.

Stocks across Asia were muted in afternoon trading as investors were wary of the impact US President Donald Trump's latest tariffs on Chinese imports will have on global growth. Futures pricing pointed to a small decline on Wall Street. Still, New Zealand's market shrugged off those concerns with relatively high dividend yields attractive for investors.

Spark gained 1.9 percent to $4.06, a yield of 6.3 percent, NZX rose 1.8 percent to $1.11, a yield of 7 percent, Genesis Energy advanced 1.8 percent to $2.55, with a yield of 6.7 percent, and Meridian Energy increased 1.5 percent to $3.35, a yield of 5.8 percent.

Grant Williamson, a director at Hamilton Hindin Greene, said the power companies were still benefiting from last week's electricity price review paper, which removed a fear of government intervention.