New Zealand stocks rose as earnings growth from Australia & New Zealand Banking Group and signs of an improving Australian economy lifted sentiment on companies doing business across the Tasman, such as Fletcher Building and Ebos Group.
The NZX 50 Index gained 15.825 points, 0.3 percent to 4848.883. Within the
index, 23 stocks rose, 22 fell, five unchanged. Turnover was $105.2 million.
The nation's biggest bank ANZ jumped 3 percent to $33.22. Positive sentiment in Australia grew as the bank posted a 13 percent gain in first-quarter cash profit, putting it on track to extend five years of record profits, while National Australia Bank's business confidence survey rose in January for the first time in four months. Westpac Banking Group gained 0.6 percent to $34.30 on the NZX.
"They're all still talking a bad game across the ditch but it doesn't seem to be happening," Greg Easton an adviser at Craigs Investment Partners said. "The way they're talking you'd expect they're about to have a long-term recession, but Australia's economy is growing by 2 percent."
New Zealand's largest listed company, Fletcher Building, gained 1.9 percent to $9.15 after figures showed Australia's residential property prices gained 9.3 percent in 2013. Healthcare and animal care maker Ebos rose 0.5 percent to $9.70. Last year the company significantly expanded its interest across the Tasman acquiring Australian pharmaceuticals firm Symbion for $1.1 billion.
