The New Zealand sharemarket surged in afternoon trade, with the exchange boosted by investors piling into stocks that had been oversold during the bearish start to the week.
Fletcher Building paced gainers on higher than usual level of activity, and Heartland New Zealand fell.
The NZX 50 Index rose 26.77 points, or 0.77 per cent, to 3485.74. Within the index, 33 stocks rose, six fell, and 11 were unchanged. Turnover was $90.6 million off 2.5 million shares traded.
Fletcher, the country's biggest construction firm and one of the most traded stocks, rose 2.3 per cent to $5.90.
"We're being led by the big boys, with Fletcher quite heavily traded," said Greg Easton, an adviser at Craigs Investment Partners. "I'd have to put it down to the Christchurch blueprint being released."
The surge comes just days after the stock fell to multi-year lows on fears the deteriorating global economy would dent the firm's earnings.
Xero, the online accounting software maker, rose 5 per to $5.20 after announcing it now had 100,000 customers on its books.
Delegats, the winemaker was issued with a "speeding ticket" by the market operator, asking to explain why its shares jumped 4.5 per cent yesterday to $2.98, a fresh high for the year.
Fisher & Paykel Appliances, the whiteware maker which recently announced it was moving its fridge production to Thailand from Auckland, rose 1.8 per cent to 58c.
Auckland International Airport, which recently secured a direct air link to Honolulu with Hawaii Airlines, rose 1.6 per cent to $2.49.
AMP NZ Office, the specialist investor in office real estate, rose 1.6 per cent to 98c off of 1.7 million shares traded.
Kathmandu, the outdoor clothing and equipment retailer, rose 1.4 per cent to $1.46.
Heartland New Zealand, the would-be bank that has become the latest target of a low-ball offer, fell 1.8 per cent to 56c, leading decliner at the close.
Goodman Fielder remained under pressure after advising the market earlier in the week that it would write down the value of its brands by as much as A$200m.
The food ingredient makers' shares fell 1.6 per cent to 60c.
AMP, the Australian wealth manager, fell 1 per cent to $4.90. Skellerup, the rubber goods and milking equipment maker, fell 0.7 per cent to $1.46.
- © Fairfax NZ News