New Zealand shares rose, pushing the benchmark index to a new record as continued lower interest rates nudged investors to seek better returns from equities. Steel & Tube Holdings and Fisher & Paykel Healthcare gained, Comvita and Restaurant Brands fell.
The S&P/NZX50 Index gained 12.01 points, or 0.2 per cent, to 7226.06. Within the index, 17 stocks gained, 31 fell and three were unchanged. Turnover was $108 million.
"Central banks have taken interest rates to infinity and beyond, and it's forcing people into risk assets and people are paying ever more for them," Salt Funds Management managing director Matt Goodson said.
"New Zealand superficially has a very high yield - a number of the key companies are paying out more than 100 per cent of the cash flow they're generating."
Steel & Tube Holdings gained 2.8 per cent to $2.17. The share price has recovered from a 15-year low after a flow of bad news ceased.