NZ shares shrug off Synlait slump, join global rally

The S&P/NZX index increased 29.29 points, or 0.3 percent, to 9,345.06. Within the index 23 stocks gained, 18 fell and nine were unchanged. Turnover was $148.2 million.

Stocks across Asia followed Wall Street higher after US President Donald Trump's 10 percent tariff on US$200 billion of Chinese goods and the subsequent retaliation were more moderate than investors had anticipated. The Shanghai Composite index was up 1 percent in afternoon trading, while Japan's Topix gained 1.5 percent and Australia's S&P/ASX 200 index increased 0.5 percent.

"The trade shots did not trigger a risk-off mode but acted as a catalyst to positive investor sentiment," CMC Market analyst Jonathan Chan said. "Risk assets such as equities found support in a robust manner."

The main local news was Synalit's near-doubling of annual profit to $74.6 million as the milk processor lifted sales of its high-value dairy products. However, the share price fell 6.6 percent to $11.94 due to chief executive Leon Clement playing down the outlook, saying infant formula sales will probably grow at a slower pace.