NZX record-breaking rally continues

NEW Zealand's NZX 50 Index has extended its record-breaking rally as investors are drawn to a market with robust economic growth.

The benchmark index rose 39.829 points, or about 0.8 per cent, to 5073.090 on Wednesday.

Within the index, 21 stocks rose, seven fell and 14 were unchanged. Turnover was $148.1 million.

Auckland Airport rose 1.9 per cent to record high of $3.85.

Air New Zealand increased 2.2 per cent to $1.855 and Fletcher Building, the country's largest listed company, gained 1.1 per cent to $9.65.

"The local market is really rallying on expectations on what is going to be improving economic growth," said Grant Williamson director at Hamilton Hindin Greene.

There was a "relief rally on international markets" overnight after Russian President Vladimir Putin said his country would not invade Ukraine, Mr Williamson said.

Local gains were also helped by figures showing stronger than expected Australian economic growth.

Restaurant Brands New Zealand rose 2.1 per cent to $2.86. The nation's largest food operator said fourth-quarter sales rose at a faster pace reflecting the contribution of the Carl's Jr burger chain.

Z Energy rose 2.1 per cent to $3.81, after saying it will save $50 million on new storage facilities after cutting a deal with BP and operators of the Marsden Point oil refinery.

Ryman Healthcare rose 1.6 per cent to $8.19, extending a six day rally as investors returned to the stock after a month of profit taking, Mr Williamson said.

NZX fell 0.3 per cent to $1.27. New Zealand's stock market operator said activity on the bourse grew for the 18th month in a row in February, though transaction value was lower than the same month a year earlier.

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