NEW Zealand shares rose after the Federal Reserve announced a smaller than expected reduction in stimulus and figures showed economic growth that beat estimates.
The NZX 50 Index gained 31.182 points, or 0.7 per cent, to 4707.060. Within the index, 26 stocks rose, 16 fell and eight were unchanged. Turnover was a lower-than-average $93.5 million.
Stocks on Wall Street rallied and the gains continued across much of the Asia Pacific region after the Federal Reserve cut its monthly bond buying programme by $US10 billion ($NZ12.14 billion) to $US75b, while signalling any further tapering will be determined by the strength of the world's biggest economy.
In New Zealand, the economy grew 1.4 per cent in the third quarter.
"The taper was a little on the softer side than thought, and that's helping," said James Lindsay, portfolio manager at Tyndall Investment management.
"US markets did a remarkable turnaround, where the Nasdaq was down 1 per cent when it came out, and closed up 1 per cent."
Telecom rose 2.6 per cent to $2.35, Ebos gained 2.3 per cent to $9 and Fletcher rose 2.2 per cent to $8.53.
A2 Corp, which markets milk with a protein variant said to have health benefits, climbed 2.7 per cent to 77 cents and has advanced 42 per cent this year.
Sky Network Television rose 1.7 per cent to $5.84 and Contact Energy rose 1.4 per cent to $4.94.
Airworks ended its first day as a listed company at $2.75 after majority shareholder Hugh Jones sold down his stake in an initial public offering at $2.60.
"It's pleasing to see another company listed with a good record and good brand," Mr Lindsay said. "It's exactly what the capital markets need."
Chorus, the network operator, fell 2.1 per cent to $1.40. MightyRiverPower fell 1.5 per cent to $2, having been sold in a government IPO this year at $2.50.
Auckland International Airport rose 1.1 per cent to $3.60.
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