NZ shares lift as US election results look to be largely as expected

The S&P/NZX 50 index rose 38.37 points, or 0.4 percent, to 8,854.79. Within the index, 27 stocks rose, seven were unchanged and 16 fell. Turnover was $121.2 million.

Most Asian share markets were in positive territory, but the reaction was fairly muted as the result was in line with expectations. According to Dow Jones Newswires, control of the Senate will have a major impact on the second half of President Donald Trump's term. A Republican majority would allow the president to continue to appoint conservative judges and confirm nominees to administration posts. It would also help Trump should Democrats win the House and seek to impeach him, since a trial would occur in the Senate, and conviction requires a two-thirds majority vote.

Z Energy added 4.9 percent to $5.54. The company has made an effort to clarify expectations for its second-half dividend after the firm's shares plunged to a three-year low last week.

"Some of the selling has abated a little," said David Price, director of institutional equities at Forsyth Barr. "When you are a yield stock you need to be clear about what you are doing and how you are doing it," he said.