Buoyant global oil prices and positive sentiment from the United States Federal Reserve underpinned gains to stock exchanges around the world this week.
In recent days oil has hit a 2016 high above $US50 ($NZ71.80) a barrel, on falling supply and a weaker US dollar, with North Sea Brent crude up 1.03% to $US51.07 a barrel, while US crude was up 0.8% to $US50.09; prices sustained the following day also.
Federal Reserve Chair Janet Yellen pushed back expectations for an interest rate increase, without raising concerns over the strength of the world's largest economy.
Ms Yellen's comments on Monday followed last week's dismal monthly US jobs report, which increased jitters over the ability of the US economy to absorb a rate hike as early as June, Reuters reported.
Craigs Investment Partners broker Peter McIntyre said US, UK and European indices all gained after Ms Yellen's comments, after she confirmed further rate hikes were still possible, and gradual rises would be appropriate.
Mr McIntyre said as oil prices had climbed beyond $US50, to an eight-month high on Wednesday, the New York exchange's S&P 500 index had its best finish in 10 months.
Mr McIntyre said following New Zealand's long weekend, the NZX 50 reopened and hit another record high.
Global oil markets appeared to have moved back into balance thanks to strong growth in fuel consumption and a series of large supply disruptions in major crude-producing nations, Reuters reported.
In spite of the upbeat mood, investors said that market volatility could increase in the near term as a British referendum on June 23 over whether to leave the European Union approaches, Reuters reported.
- Simon Hartley & Reuters
