New Zealand shares rose led by Heartland and the NZX, after Fonterra Cooperative Group's farmers confirmed the creation of tradable securities linked to the dairy co-operative.
The NZX 50 index rose 1.92 points, or 0.5 per cent, to 3401.12.
Within the index, 21 stocks rose, 20 fell and 9 were unchanged. Turnover was about $69 million.
Farmers split their vote, saying yes to the Trading Among Farmers scheme, with 66.45 per cent approval, but missing the 75 per cent approval required for constitutional changes.
The changes pave the way for tradeable, non-voting Fonterra-linked securities listed on the NZX and giving non-farmer investors limited exposure to the dairy giant for the first time.
Heartland New Zealand rose 4 per cent to 51 cents, while shares in the stock exchange regulator gained 3.9 per cent to $1.29.
"Possibly part of it is the Fonterra vote," said Michael Milne, investment adviser at Craigs Investment Partners.
"We are also getting closer to the start of the state-owned assets sales."
Power companies MightyRiverPower, Meridian Energy, Genesis and Solid Energy and Air New Zealand have been flagged for a partial sell-down in the government's mixed ownership model, expected to kick off in the third quarter this year.
The National government has signalled the sales could free up as much as $10 billion.
Auckland International Airport, which is targeting Asian arrivals to stoke growth over the next decade, was largely unchanged on $2.42 after the airport flagged a 44.4 per cent increase in Chinese arrivals in May even as international passenger numbers fell 2.9 per cent to 500,064 from the same month a year earlier.
Fisher and Paykel Healthcare gained 0.94 per cent to 53 cents after the New Zealand dollar fell to 78.76 US cents from 78.90 cents at 8am.
The decline was led by OceanaGold Corp., operator of the Macraes gold field, which joined the NZX50 in September and has seesawed alongside the price of gold. Its shares fell 8 per cent to $2.30.
Telecom slipped 0.65 per cent to $1.54.
Keep reading - next article