NZ shares snap decline as growth stocks Tourism Holdings, A2 recover

The NZX/S&P 50 rose 30.76 points, or 0.4 percent, to 8,703.16. Within the index, 20 stocks gained, 23 fell and seven were unchanged. Turnover was $183 million, of which Fletcher accounted for $68.3 million.

New Zealand shares joined a global rally ahead of the Thanksgiving Holiday in the US, with growth stocks the main benefactors after being punished in an increasingly volatile environment. Companies that trade at high price-to-earnings multiples such as Pushpay and Tourism Holdings bore the brunt of that downturn and were among today's leaders. Tourism Holdings rose 5.3 percent to $4.77 and Pushpay was up 3.1 percent to $2.99, both on heavier volumes than normal.

A2 rose 5 percent to $10.50 after saying China's current e-commerce retail import policies will remain in place, something its executive team is confident it can manage.

Grant Davies, an investment adviser at Hamilton Hindin Greene, said A2 rallied on the improvement in sentiment, noting that it had done a good job in building its Chinese market.