New Zealand share prices closed 0.36 percent higher on Tuesday, with defensive stocks leading the way amid concerns about the strong local currency and high interest rates, dealers said. The market shrugged off sharp falls in Chinese shares and gained ground in late trade, they said.
The NZX-50 gross index rose 15.68 points to 4,312.11 on turnover worth 168.1 million dollars (125.9 million US). Despite the headline index gain, falls led risers 58 to 55 among the 158 stocks traded. Pay television operator Sky TV was up 15 cents at 5.75 dollars and stock exchange operator NZX rose 20 cents to 11.70.
Discount retailer The Warehouse fell five cents to 6.25 dollars after speculation the business regulator is set to decline take-over applications from rival supermarket chains Woolworths and Foodstuffs.