Property stocks give market cheer

The S&P/NZX 50 Index increased 21.17 points, or 0.2 percent, to 11,599.44. Within the index, 27 stocks fell, 17 rose, and seven were unchanged. Turnover was a lighter $100.1 million.

Global trading has been tentative in recent days as investors await the outcome of the US Federal Reserve's policy review and whether US policymakers will agree to further fiscal stimulus. Major US company results have also kept investors tentative.

Sam Trethewey, a portfolio manager at Milford Asset Management, said investors on the NZ market were also in a holding pattern as they looked towards the local earnings season.

“Investors are probably keeping a watchful eye on how the US companies are reporting and how that market is faring but, by and large, we are in a holding pattern until we start to get results in the second week of August,” he said.