NZ shares rise as local earnings salvage sentiment

The S&P/NZX 50 Index advanced 35.61 points, or 0.3 percent, to 11,727.63. Within the index, 20 stocks rose, 22 fell, and eight were unchanged. Turnover was $155.9 million.

The slump in the world's biggest economy put investors on edge, as they weigh up tepid US activity for the broader economy. However, the local market managed to shake that off with optimistic trading updates from global logistics firm Mainfreight and rental campervan operator Tourism Holdings. Better than expected earnings from Facebook, Amazon, Apple and Google's parent, Alphabet, also soothed some of the fears over the 32.9 percent annualised slump in US gross domestic product in the June quarter.

“We are seeing some of the companies that have quietly been getting on with it really performing well today,” Shane Solly, portfolio manager at Harbour Asset Management said. 

Mainfreight shares hit a record $46.95 in early trading following a strong trading update and upbeat annual meeting yesterday. The shares rose 7.6 percent to a record close $46.90, and are up 10.5 percent so far this year, valuing the business at $4.27 billion.