New Zealand shares rose a little on Wednesday when the benchmark Top 50 Index gained 14 points to 5213.
A portfolio manager at Harbour Asset Management, Andrew Bascand, said the market lacked a good lead from offshore.
"There was no real follow-through from global markets," he said.
Shares in Goodman Property Trust rose 3 cents to $1-and-three-and-a-half.
The trust's annual net profit rose more than 72 percent, boosted by strong rental growth and rising values of its properties.
Xero shares were up 45 cents to $31.85 and Diligent shares rose 11 cents to $4.55.
Through the local business day the kiwi rose strongly against the euro and was marginally higher against the US dollar.
The Bank of New Zealand's foreign exchange strategist, Raiko Shareef, said the prospect of lower European interest rates at a time when New Zealand rates are rising was behind the move.
A couple of things happening offshore pushed the euro lower across the board - including against the New Zealand dollar.
These included a German business confidence survey which showed sharply-lowered expectations in the business community there.
More importantly, there were reports that Germany's Bundesbank central bank would back monetary easing measures - including a negative rate on bank deposits and purchases of packaged bank loans - if such tools were needed to keep persistently low levels of inflation from becoming entrenched in the euro zone.
Mr Shareef said that until now the Bundesbank had been opposed to the European Central Bank easing monetary policy at its June meeting .
"This switch in sentiment really is important in giving the central bank of Europe some support," he said.
At the end of the business day, the kiwi was trading at point-6311 euro, up from point-627 at the same time on Tuesday.
It was also trading at 86.62 US cents, 92.12 Australian cents, 51.37 British pence, 88.46 yen and 5.4 renminbi.