NZX pushed to its highest level this month

New Zealand shares rose pushing the NZX 50 to its highest level this month, as Xero benefited from its inclusion in the benchmark index while Air NZ rose after announcing a new boss.

The NZX 50 rose 24.70 points, or 0.7 per cent, to 3480.38.

Within the index, 32 stocks rose, nine fell and nine were unchanged. Turnover was about $124 million.

Air NZ, slated for a government selldown, rose 0.6 per cent to 87 cents after naming Christopher Luxon as chief executive.

Mr Luxon is the airline's general manager for international and will replace Rob Fyfe at the end of the year.

"Luxon is an existing part of the firm but investors want proof of the pudding - he will need to show he can move the share price," said Paul Vault, investment adviser at Craigs Investment Partners.

Telecom, New Zealand's biggest listed company, rose 1.8 per cent to $2.535.

The company said on Tuesday it has added a further $400 million to its bank credit lines which will use to repay short-term debt and general corporate purposes.

It has set up a two and three-year revolving credit facility with Westpac Banking in addition to its as-yet undrawn $600 million syndicated committed standby credit facility established in April.

Trade Me shares rose 0.8 per cent to $3.79 after Sydney-based Fairfax sold down its stake in the online auction site yesterday for a total A$160 million.

Xero shares rose 3.4 per cent to $4.89 after the locally-listed tech-company entered the NZX on Monday.

Shares in Diligent Board member Services, which also joined the NZX on Monday, gained 1.7 per cent to $3.57.

Fletcher Building gained 0.2 per cent to $6.31 and Contact Energy rose 1.9 per cent to $4.88.

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