New Zealand shares were quiet in morning trade but held onto early gains after a promise from the European Central Bank to support the eurozone lifted appetite for higher yielding assets.
Goodman Fielder led gainers and Guinness Peat Group fell.
The NZX 50 Index rose 18.58 points, or 0.54 per cent, to 3504.60 as of noon, with 9 million shares passing through the exchange, representing $41.5 million in turnover, a similar level to yesterday.
The buoyant mood was seen across the Asia Pacific region, with Australia's S&P/ASX 200 Index opening 0.9 per cent firmer at 4184.50, while Japan's Nikkei 225 Index rose 1.2 per cent to 8547.47.
Goodman Fielder, the Australian food ingredient maker, rose 5 per cent to 63c, with the stock bouncing after several days of heavy selling due to a warning that the firm's brands could be written down by as much as A$200m.
OceanaGold, the operator of the Macraes and Reefton goldfields, rose 4.1 per cent to $2.55.
The company today reported unadjusted earnings of $25.6 million for three months ending June, about 10 per cent higher than in the preceding period.
Xero, the cloud accounting platform, rose 3.9 per cent to $5.40. Yesterday the firm announced that it now had 100,000 customers on its books.
Fletcher Building, the country's biggest construction firm, rose 2 per cent to $6.02 off of 600,000 shares traded.
Goodman Property, one of the country's biggest real estate investment vehicles, rose 0.5 per cent to $1.02.
Guinness Peat Group, the investment holding company in the throes of winding itself down, fell 2 per cent to 49c, leading decliners on the exchange at noon.
The stock, which is trading at a substantial discount to its net asset value, has been moving in a volatile range for much of this year as investors assess the impact of its pension fund liabilities in the UK.
Delegat's, the winemaker, fell 2.7 per cent to $2.90 after the markets operator issued it with a "speeding ticket", asking the firm to explain a sudden spike in its share price.
Pumpkin Patch, the children's clothing chain, fell 1.1 per cent to 87c.
Fisher & Paykel Appliances fell 0.9 per cent to 57c, with the upswing in the New Zealand dollar putting pressure on the whiteware exporter.
Air New Zealand, the national carrier, fell 0.6 per cent to 90c. The airline today announced it was slashing prices across all of its major domestic routes as additional capacity comes online.
- © Fairfax NZ News