NZ shares gain; appetite for KFC helps Restaurant Brands hit record
The S&P/NZX 50 Index increased 26.2 points, or 0.2 percent, to 10,801.05. Within the index, 22 stocks rose, 17 fell, and 11 were unchanged. Turnover was $95.5 million.
Stocks across Asia were mixed, as investors digested the Federal Reserve's divided outlook for interest rates after policymakers voted to cut the federal funds rate. The Shanghai Composite Index was flat in afternoon trading, Australia's S&P/ASX 200 Index was up 0.6 percent, and Hong Kong's Hang Seng was down 1.3 percent.
Local data showed the economy grew at a faster quarterly pace than predicted, as strength in the nation's services sector and agriculture more than made up for a contraction in construction and manufacturing.
Greg Smith, head of research at Fat Prophets, said the local economy is proving to be resilient, while at the same time fears for a global recession were subsiding, based on bond market pricing.
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