NEW Zealand shares have rallied as offshore investors saw value in a market that has lagged global peers in recent days.
The NZX 50 Index rose 41.444 points, or 0.9 per cent, to 4722.635 on Monday. Within the index, 33 stocks rose, 11 fell and six were unchanged. Turnover was $93 million.
A2 Corp led gainers, rising 6.7 per cent to 80 cents.
Hallenstein Glasson Holdings rose 4.5 per cent to $3.70, leading some retailers higher after Paymark said spending in the first three weeks of December was 6.9 per cent up on the same period last year, suggesting retailers may be in for a strong Christmas.
Michael Hill International rose 3.7 per cent to $1.41 and Kathmandu rose about three per cent to $3.48. Warehouse Group slipped 0.5 per cent to $3.65.
Among market heavyweights, Fletcher Building rose 1.8 per cent to $8.54 and Telecom rose 1.3 per cent to $2.34. Auckland International Airport gained two per cent to $3.55.
"There's been a few people looking to pick up a bargain," said Greg Easton, an adviser at Craigs Investment Partners.
"We've lagged the rest of the world."
Guinness Peat Group fell 1.7 per cent to 58.5 cents after saying the UK Pensions Regulator had issued warning notices over two of its pension plans.
Chorus, the network operator, fell 1.4 per cent to $1.445.
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