New Zealand shares rose for a fourth day, with Restaurant Brands New Zealand among the strongest performers after the fast-food operator gave upbeat guidance for its annual earnings.
The S&P/NZX50 Index advanced 133.3 points, or 1.2 per cent, to 11,178.64. Within the index 31 stocks rose, 11 fell and eight were unchanged. Turnover was $132.3 million.
The local market led gains across Asia after economists decided the faster than expected pace of inflation won't deter the Reserve Bank from cutting the official cash rate even further. Low rates are a boon for equity markets by increasing the relative returns from companies that pay reliable dividends, but also by providing cheap finance for firms pursuing growth.
Restaurant Brands was among the top gainers, up 4.2 per cent at $11.64. Volume was typically small at 36,000 shares, in line with the 90-day average of 40,000. The company reported a small dip in first-half profit, due in part to new accounting standards, and said it expects to lift annual earnings by at least 10 per cent.
Peter McIntyre, an investment advisor at Craigs Investment Partners, said earnings were up about 5 percent on a like-for-like basis, and combined with the upbeat outlook, was a strong result.