New Zealand stakes gained for a third day as the prospect of low globally rates for an extended period stoked investors’ risk assets, or higher-producing, assets such: shares. Fletcher Building paced profits.

The NZX 50 Index was up 12.97 points, or 0.4 percent, to 3294.64. The index, 22 stocks advanced 13 declining and 15 were the local stock market which followed by Australia’s S&P/ASX 200 index that rose 0.5 percent to 4292.9 in afternoon trading.

Shane Solly, portfolio manager at Mint Asset Management, said:” The Australian market bounce gave a slight of confidence back into things. “Markets are all about the Federal Reserve’s low interest in long time and that’s giving courage to equities and riskier assets at the moment.”

“Fletcher Building, the largest company on the exchange, advanced further to bounce relief from last month’s lows when it was “overly weak.”

“Sky Network Television was up 1.4 percent to $5.15, and was another stock that was recovery back from being over sold,” Solly added.

Fellow index heavyweight Telecom dropped 1.6 percent to $2.095.

The dual-listed Australian financial services firms advanced on the day with AMP rose 1.5 percent to $5.55, and Australia & New Zealand Banking climbed 1.8 percent to $28.

Meanwhile, Energy explorer NZ Oil & Gas extended retreat, down 1.4 percent to 73 cents after it yesterday and will fully impair its investment in Pike River Coal in the first-half financial statements futures.