New Zealand shares gained, led by Air New Zealand and Fletcher Building, with Z Energy and CBL dropping.
The S&P/NZX50 Index rose 31.42 points, or 0.4 per cent, to 8,415.29. Within the index, 23 stocks rose, 17 fell and 10 were unchanged. Turnover was $168 million.
Air New Zealand led the index, up 2.6 per cent to $3.13. This week the airline posted December operating figures, showing gains in passengers and revenue passenger kilometres.
"It has continued its recent strong bounce back, no new news but its operating stats the other day were solid enough," said Matt Goodson, managing director at Salt Funds Management. "The key headwind for them at the moment is rising fuel prices, but they do have a degree of hedging in the short term.
"Ultimately it's a bit of a double-edged sword, competitors who are perhaps struggling on the skinny long-haul routes into New Zealand may be less inclined to put new capacity on when prices are high. Plus the New Zealand dollar has been strong of late, and Air NZ is a key beneficiary of that."