NZ shares follow Asia higher; SkyCity falls as fire rages
The S&P/NZX 50 Index increased 27.64 points, or 0.3 percent, to 11,090.39. Within the index, 23 stocks rose, 21 fell and six were unchanged. Turnover was $96.3 million with just four stocks trading on volumes of more than a million shares.
Asian markets followed Wall Street higher as investors took heart from positive noises about the US-China trade talks. US President Donald Trump said a deal was coming along nicely and China's vice foreign minister Le Yucheng said that progress had been made. South Korea's Kospi 200 Index was up 1.3 percent in afternoon trading, Australia's S&P/ASX 200 Index rose 0.4 percent, and Singapore's Straits Times Index advanced 0.8 percent.
James Lindsay, a portfolio manager at Nikko Asset Management, said the local market was following international leads ahead of September balance date reporting season next month.
"Trade wars haven't really had a substantial impact here and we're probably lucky that things like the farmgate milk price was up by 30 cents this morning. Things like that help."
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