Global rally helps NZX edge higher

NEW Zealand stocks edged higher in a global rally as data showed signs of economic growth.

The NZX 50 Index rose 4.912 points, or 0.1 per cent, to 5187.349. Within the index, 25 stocks gained, among them NZ Oil & Gas, Nuplex, Pacific Edge and A2 Milk Company, while 11 fell and 14 were unchanged. Turnover was $112 million.

The rise follows benchmark indexes closing at a record high on Wall Street on Friday as US unemployment remained steady at 6.3 per cent and the country added more than 200,000 workers for the fourth straight month. Stocks across Asia were also boosted.

NZ Oil & Gas rose 2.5 per cent to 81.5 cents, leading the market higher. Pacific Edge gained 2.4 per cent to 86 cents. Nuplex, the specialty chemical maker, rose 1.5 per cent to $3.36 and A2 Milk advanced 1.3 per cent to 78 cents.

A Reuters' survey of economists showed 16 of 17 predicting central bank governor Graeme Wheeler will lift the OCR by a quarter point to 3.25 per cent on Thursday.

The governor's commentary surrounding the pace of future hikes will be studied closely as inflation has accelerated at a lower-than-expected 0.3 per cent in the first quarter, while there are signs heat in the housing market is dissipating.

"It's really a double edged sword because interest rates going up is showing there is good growth in the economy, therefore companies' earnings should be improving," Hamilton Hindin Greene director Grant Williamson said.

"But on the other side investors will start to favour leaving money in the banks, rather than put it into the share market because the banks are offering better rates to them.

Fletcher Building, New Zealand's largest listed company, slipped 0.4 per cent to $9.15. Xero, the cloud-based accounting software firm, rose 0.03 per cent to a near two-month low at $29.42.

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