"The changes compared to the initial 2018 document were largely as we had foreshadowed but, clearly, given post-announcement movements in asset prices, the details were more benign than many had feared," Bank of New Zealand head of research Stephen Toplis said in a note.
Heartland Group Holdings, the parent of Heartland Bank, rose 1.2 per cent to $1.72. It said it would need to increase its capital by $18m a year, but wouldn't need to change its dividend policy or seek a capital injection from shareholders.
Infratil increased 2.2 per cent to $4.955 with 995,000 shares changing hands, more than its 90-day average of 730,000. The infrastructure investor owns a controlling stake in Tilt Renewables, which agreed to sell a windfarm in South Australia for a net A$455m ($475.9m). Tilt shares climbed 7 per cent to $3.37, a record close.
"That's some pretty good news for those two companies," said Grant Williamson, director at Hamilton Hindin Greene.
Sky Network Television led the market higher, up 2.5 per cent at 83 cents on a volume of 601,000 shares, less than its 1.1 million average
Z Energy ended the day down 0.4 per cent at $4.92 after the Commerce Commission's recommendation to regulate wholesale petrol markets. Chief executive Mike Bennetts said the regulator's view on profitability would have been materially different if it had used current earnings.
Williamson said the analysts will need some time to work through what the recommendations and the government's decision will mean for the wider industry.
Among other transport-related stocks, Mainfreight fell 0.5 per cent to $40.90, Freightways rose 0.5 per cent to $8.17, and Air New Zealand was down 1.1 per cent at $2.825.
Scales posted the day's biggest fall, down 4.3 per cent at $4.90 on a volume of 664,000 shares, well up on its 98,000 average. The fruit exporter said it was on track to meet 2019 guidance but warned 2020 earnings would be flat due to capital spending plans.
Fonterra Shareholders' Fund units declined 0.5 per cent to $4. Fonterra Cooperative Group raised the midpoint of its forecast payout to farmers by 25 cents to $7.30 per kilogram of milk solids and reported a strong increase in first-quarter earnings.
Williamson said that was largely in line with expectations.
A2 Milk rose 1 per cent to $15.10 and Synlait Milk dipped 0.1 per cent to $9.29. Synlait got another step along the way in getting its Auckland canning facility registered for infant formula products to be exported to China.
Government data today showed a pick-up in commercial building work in the September quarter more than offset unexpectedly weak residential construction. However, economists weren't too worried about the residential side due to a growing number of new building consents.
Fletcher Building fell 1.6 per cent to $5.06, while Metro Performance Glass was unchanged at 29 cents and Steel & Tube Holdings fell 2.4 per cent to 80 cents.
Kiwi Property Group was the most traded stock on a volume of 1.6 million shares, a little less than its 1.8 million average. It declined 0.3 per cent to $1.55.
Of other stocks trading on volumes of more than a million shares, Spark New Zealand was unchanged at $4.46, Contact Energy was unchanged at $7.19 and Meridian Energy rose 1.4 per cent to $4.96.
Outside the benchmark index, AFT Pharmaceuticals rose 7.1 per cent to a record close $3.45. It noted Medsafe's decision to classify all medicines containing codeine as prescription medicines.
