NZ shares join Australian rally
New Zealand shares followed Australia higher as banking stocks rallied on both sides of the Tasman after a Royal Commission into the sector was less harsh than many had feared. Dual-listed lenders Australia & New Zealand Banking Group, Westpac Banking Corp and AMP all rallied.
The S&P/NZX 50 index climbed 94.31 points, or 1.1 percent, to 9,073.72. Within the index, 33 stocks rose, six fell and 11 were unchanged. Turnover was $142.5 million.