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NZ shares rise at close

NZ shares

New Zealand shares rose on renewed enthusiasm for Heartland Bank and news Air New Zealand has tapped former Prime Minister John Key for its board, while Fletcher Building and Chorus fell.

The S&P/NZX 50 Index gained 3 points, or 0.05 per cent, to 7,382.22. Within the index, 30 stocks gained, 13 fell and seven were unchanged. Turnover was $115 million (£89.05 million).

“There has been renewed enthusiasm for the market as we see swap rates come back down again and the market being a little bit more supported, after the French election results were positive for markets globally and after we saw some positive policy enthusiasm from Trump, particularly around tax cuts,” said Peter McIntyre, an investment adviser at Craigs Investment Partners.

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