The NZX 50 Index rose 16.59 points, or 0.48 per cent, to 3466.06 as of noon. The New Zealand dollar recently traded at US77.60c, little changed from US77.54c at 8am, and US76.035c at 5pm on Friday.
Activity levels were however slightly muted due to the absence of Australian investors because of the Queen's Birthday holiday across the Tasman. As of noon 7.02 million shares changed hands, with a value of $19.6m.
Spain announced yesterday that its beleaguered banking sector was due for a capital injection after Euro Zone policy makers agreed to a €100 billion bailout over the weekend.
The repayment, and associated reform terms, are said to be less harsh than those placed on Greece, giving the markets some confidence that the medicine is not more deadly than the disease.
That positivity looks set to flow into the Asian trading day today, with Japan's Nikkei 225 Index opening 2 per cent higher at 8605.77.
Telecom rose 1 per cent to $2.46. The stock has attracted high levels of activity in the wake of rumours that rival Telstra is looking to make a bid for the telephone company.
Retailers were in demand today, albeit at very low levels, with activity appearing to be driven by bargain hunting.
Postie Plus Group, which recently completed the sale of Babycity to Baby City Retail Investments, rose 15 per cent to 23c.
Pumpkin Patch, the children's clothing chain, rose 2.2 per cent to 93c.
The Warehouse rose 2 per cent to $2.60.
Fletcher Building, the country's biggest construction firm, rose 1.5 per cent to $6.30.
OceanaGold, the operator of the Macraes and Reefton goldfields, fell 6 per cent to $2.65, leading decliners on the bourse as of noon. That was off the back of 3000 shares traded.
PGG Wrightson, the rural services provider, fell 3.2 per cent to 30c, near a record low. The stock has steadily lost value this year amid fears a slowdown in the global economy will douse a recent pick up in rural spending.
Trade Me, the online auction site, fell 0.5 per cent to $3.82.
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