New Zealand shares gained for a fourth straight session on expectations there will be no immediate change following the Brexit vote. Kathmandu Holdings, Fletcher Building and Mainfreight gained.

The S&P/NZX 50 Index rose 93.32 points, or 1.4 per cent, to 6897.52. Within the index, 41 stocks rose, six dropped and three were unchanged. Turnover was $227.6 million.

The market weakened last Friday following the Brexit news but has recovered since then to be higher than where it closed last Thursday.

"We're down on the month to date, but we've well and truly recovered from Friday's events," said Shane Solly, director at Harbour Asset Management. "Among other things, it's a positive reaction to monetary policy changes globally. For now, a lot of the concern about Brexit has washed through, and you've certainly seen investors focus on quality earning stocks in this part of the world."


Kathmandu was the biggest gainer, up 15 per cent to $1.53. The outdoor equipment chain raised its forecast for annual earnings after boosting margins from new products, better management of promotional activity and cost savings.

Still, the company said "a substantial proportion" of sales and earnings this financial year are still dependent on trading in July, the final month of the financial year. It will provide a further trading update in August and publish its earnings September 21.

"It's almost back to where it was at the end of May - it's recovered from a low point," Solly said. "The numbers were okay, not as weak as some had expected, and certainly the first positive statistic we've seen from Kathmandu for some time - it does go against the grain of people's expectations. While we've had a couple of rainy days, it hasn't really been cold and they need some cold to get things going."

Fletcher Building gained 3.5 per cent to $8.58. The construction company has dropped the Horokiwi Quarries from its application to buy rival Higgins Group Holdings, a step that may help win approval from the Commerce Commission.

Solly said building consent statistics released yesterday, which showed new housing consents were up 13 per cent on an annual basis to an 11-year high, were also good for Fletcher.

Mainfreight rose 2.9 per cent to $16.63, Mighty River Power gained 2.7 per cent to $3.01 and Ebos Group advanced 2.3 per cent to $16.36.

Stride Property Group rose 0.9 per cent to $2.35. Its shareholders have approved a motion to split its property-owning unit from its real estate investment management in a "stapled" structure, allowing it to expand the management arm while preserving its favourable tax status.

Steel & Tube Holdings was the worst performer, down 1.6 per cent to $1.86.

Warehouse Group dropped 1.1 per cent to $2.77. Solly said its latest trading update had been "pretty moribund" and investors could be comparing the retailer unfavourably to Kathmandu.

Pushpay Holdings dropped 2.9 per cent to $2. The mobile payment app developer wants to raise at least US$30 million from investors in the US where it is targeting growth.

Z Energy advanced 0.4 per cent to $8.09. The service station chain still expects to cut annual costs by between $25 million and $30 million from its acquisition of Chevron New Zealand.

Sky Network Television rose 1.9 per cent to $4.77. The company, and Vodafone NZ, are playing down the threat to competition posed by a merger.

Marlborough Wine Estates Group rose 35 per cent to 28c on its NZX debut after a compliance listing on the NXT market. The Chinese-owned winemaker is looking to expand its bottled wine sales into the US, Japan, and South Korea. BusinessDesk