WELLINGTON (Dow Jones)--New Zealand shares ended higher Wednesday, tracking positive offshore leads as investors were cheered by chip-maker Intel's strong quarterly result after Wall Street closed. "We'll probably see some upgrades in the technology sector which should help markets. We are certainly seeing a bit of follow-through today," said First NZ Capital broker Philip Hunter The benchmark NZX-50 ended 0.6%, or 19 points, higher at 3027.44. Hunter said investors will remain closely focused on offshore markets for further direction Thursday. Trading, however, is likely to remain tepid until local companies begin reporting their full year results next month. New Zealand Oil & Gas gained 6.3% to NZ$1.35 after news that initial proved and probable reserves at the Kupe gas fields had increased. The oil and gas company has a 15% stake in the Kupe field, which lies off the south Taranaki coast of New Zealand. New Zealand Oil & Gas' share in increased reserves has sales value of nearly NZ$100 million at current prices. "Kupe will be able to achieve higher production for relatively little incremental cost," said New Zealand Oil & Gas Chief Executive David Salisbury. Investment holding company Guinness Peat Group added 1.5% to NZ$0.68. Hunter said a perception of better global market conditions may have spurred some bargain hunting in the stock. The stock has been under pressure recently due to uncertainty over its plans to demerge its Australian business. It is currently reviewing the proposal, looking at any variations and modifications. Bellwether Telecom added 0.5% to NZ$1.97 benefiting from improving global sentiment. Brokers said, however, investors will remain cautious about Telecom until its participation in the government's ultra-fast broadband rollout becomes clearer. Improving global sentiment helped some blue chips shrug off weak New Zealand housing data, with construction company Fletcher Building adding 0.5% to NZ$7.74. Earlier Wednesday, the Real Estate Institute of New Zealand said the national median home price in June was NZ$352,500, compared with NZ$350,000 in May and the number of homes sold had fallen. The stronger New Zealand dollar weighed on some exporters with medical devices maker Fisher & Paykel Healthcare ending down 0.3% at NZ$3.05 and technology concern Rakon falling 1.0% to NZ$0.96. -By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com

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