New Zealand shares advanced as investors tracked gains from Wall Street ahead of the Fed's first policy decision for the year.

The S&P/NZX 50 Index rose 0.4%, or 45.89 points, to close at 13,003.04.

Commercial services led the increase as stocks rose 6.5%.

Markets were relatively quiet in Asia due to the Lunar New Year break. Both the Shanghai SSE and Hong Kong's Hang Seng remained closed, while Japan's Nikkei 225 rose 0.8%.

Shares on Wall Street were back in the black, with the Nasdaq Composite up 2%, the S&P 500 rising 0.9%, and the Dow Jones Industrial Average gaining 0.3%.

As markets watch talks over DeepSeek's artificial intelligence model unfold, investors will shift their focus to the Fed later in the day. The benchmark rate is widely expected to be maintained as officials meet for the first time under the new administration.

In local news, total lending rose to NZ$8.11 billion in December 2024 from NZ$7.41 billion in the prior month, data from the Reserve Bank showed Wednesday.

In corporate news, Chatham Rock Phosphate (NZE:CRP) is set to export phosphate from the Korella North Mine through the Port of Karumba in response to anticipated demand from China and Vietnam, according to a Wednesday filing. The mineral developer lost over 1% at market close.

ikeGPS Group (NZE:IKE, ASX:IKE) on Tuesday reported total revenue of NZ$18.5 million for the nine months to December 2024, a 21% increase from the year-earlier's NZ$15.3 million.