New Zealand shares gained 0.53 percent on Wednesday as rises in the US and Australian markets spurred bargain-hunting, dealers said. The NZX-50 gross index rose 16.88 points to close at 3,177.46 on turnover worth 103.2 million New Zealand dollars (77.8 million US). Rising stocks outnumbered falls 60 to 35.
Leading stocks Telecom and Fletcher Building led the rise in the broader index. Telecom rose four cents to 3.51 dollars and Fletcher Building gained 20 cents to 6.73. Meat company Affco Holdings rose five cents to 50 cents after news that a Singapore-based company wants to buy a stake in Affco-linked dairy processor Dairy Trust.
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