New Zealand stocks have snapped a two-day decline as a rally in the US helped tech stocks regain some lost ground.
The NZX 50 Index rose 35.851 points, or 0.7 per cent, to 5067.407 on Wednesday.
Within the index, 29 shares rose, 11 fell and 10 were unchanged. Turnover was $111 million.
Asian markets followed Wall Street higher as investors bought back into some of the tech stocks they’d sold off such as Yahoo, Google and Facebook.
The tech-heavy Nasdaq Composite Index rose for the first time in four sessions to close 0.8 per cent higher.
Xero, the cloud-based accounting software firm, rose 1.9 per cent to $32.10.
Tech stocks outside the benchmark index also gained, with Wynyard advancing 4.1 per cent to $2.55, GeoOp 7.9 per cent to $1.50 and SLI Systems 4.1 per cent to $2.03.
“There’s been some strength in the Asian markets and that’s flowed into our market,” said Chris Timms, investment adviser at Craigs Investment Partners.
“There was a relief rally on the Dow overnight so a lot of the stocks we’ve seen sold off, particularly the likes of the tech area, have had quite a good recovery.”
Kathmandu, the outdoor goods retailer which gets two thirds of its sales from Australia, led the market higher, up five per cent to $3.76.
Brisbane-based jeweller Michael Hill International rose 2.3 per cent to $1.36.
A2 Corp, the milk marketer that counts Australia its largest market, rose 3.6 per cent to 87 cents.
Restaurant Brands rose 4.6 per cent to $2.98 after the fast-food operator posted a 23 per cent rise in annual profit.