New Zealand shares rose as investors embraced the local market's insulation from global turmoil and high yields, with Spark New Zealand, Precinct Properties and Summerset Group rising.
The S&P/NZX 50 Index gained 29.65 points, or 0.4 per cent, to 6716.58. Within the index, 31 stocks rose, 13 fell and six were unchanged. Turnover was $152.4 million.
The local bourse dropped 2.3 per cent on Friday after the United Kingdom referendum vote to leave the European Union. It recovered on Monday and continued to rise yesterday, albeit on lighter volumes as investors were happy to sit tight, said Grant Williamson, director at Hamilton Hindin Greene.
"With offshore markets still under pressure overnight, New Zealand is holding relatively firm," Williamson said. "It's an indication we're quite removed from the turmoil, and maybe underpins our attractive dividend yield and investors still chasing those attractive returns. Local investors are holding in there, there's no panic when it comes to the local market - even the foreign investors are relatively happy to hold in, at the moment anyway."
Spark New Zealand was the biggest gainer, up 3.1 per cent to $3.52.