Shares climb to record on low rate outlook

The S&P/NZX 50 Index climbed 89.68 points, or 0.9 percent, to a record 9,550.99. Within the index, 36 stocks gained, 10 fell, and four were unchanged. Turnover was $106.7 million, with just five companies trading on volumes of more than a million shares.

Companies offering stable dividends remain in vogue among investors as the Federal Reserve's flatter interest rate track continues to support yield stocks such as utilities and property companies.

"The world is now in a seemingly benign and low interest rate environment," said Peter McIntyre, an investment adviser at Craigs Investment Partners. "Low interest rates are like sugar for the market and we've seen that today."

The electricity generator-retailers were all beneficiaries, with Mercury hitting a record $3.80 and closing at $3.79, a 3.6 percent gain. Meridian also reached a record at $4.09. It closed at $4.08, up 3.2 percent, on a volume of 2.5 million shares. Contact Energy rose 2.6 percent to $6.60 on a volume of 2.2 million, having hit a 10-year high of $6.64 during the day. Genesis Energy was up 2.4 percent at $2.96 and was another to broken new ground at $2.97.