Finance shares gained the most on New Zealand's Exchange, rising over 4% by midday Wednesday.

Westpac Banking (ASX:WBC, NZE:WBC) gained 5% in recent trade.

The Reserve Bank of New Zealand on Wednesday said that New Zealand's four largest banks would maintain capital buffers even in a stress scenario where the unemployment rate peaks at 10.5%, gross domestic product declines by 6.5%, and house prices fall by 35%.

Meanwhile, the distribution services sector shares fell past 3%.

Vulcan Steel (NZE:VSL, ASX:VSL) was down 3% in recent trade.