NZ shares rise for tenth session

The S&P/NZX 50 Index advanced 96.96 points, or 0.8 percent, to 12,453.85. Within the index, 28 stocks rose, 15 fell and seven were unchanged. Turnover was $181.5 million.

The market has been making steady gains throughout October, adding 6 percent to the benchmark index, as investors expected US fiscal stimulus and possibly a vaccine to emerge during the quarter.

Australia & New Zealand Banking Group led the local market higher, gaining 3.6 percent to $21.11, with Westpac Banking Corp also up 3.1 percent at $20.55.

Brad Gordon, an investment adviser at Hobson Wealth Partners, said banks were still recovering from their lows as the economic outlook improves with stimulus and a vaccine appearing on the horizon.