NZ shares join global rally

New Zealand stocks joined a region-wide rally after better-than-expected employment data in the US eased investors' concerns that global growth is slowing.

The advance was paced by the biggest stocks on the bourse, Telecom and Fletcher Building.

The NZX 50 index rose 15.20 points, or 0.4 per cent, to 3563.20.

Within the index, 26 stocks rose, nine fell and 15 were unchanged. Turnover was $75.9 million.

"The New Zealand market was always going to be up today because of the stock markets in the US and Europe - they reacted strongly to the payrolls data," Mark Lister, head of private wealth research at Craigs Investment Partners.

Fletcher Building rose 1.6 per cent to a one-month high of $6.27, while Telecom, the largest company on the exchange advanced 1.1 per cent to $2.71, its highest close since August 2008.

The biggest gainer was PGG Wrightson which rose 3.2 per cent to 32 cents.

Kathmandu rose 2.6 per cent to $1.60.

Guinness Peat Group rose 2 per cent to 50 cents. Cavalier rose 2.5 per cent to $1.64.

Fisher and Paykel Healthcare led decliners, down 2.6 per cent to $1.89.

The stock has shed about 23 per cent this year.

It has seesawed alongside the New Zealand dollar which touched a fresh three-month high, eroding the value of the more-than 50 per cent of sales it makes in US dollars.

Shares in Vital Healthcare Property Trust fell 1.6 per cent to $1.24. The Auckland-based company announced the value of its portfolio fell about $6.2 million, or 1.1 per cent, in the year ended June 30, led by a drop in the value of its Mercy Ascot Hospital.

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