New Zealand share prices closed 0.68 percent higher Tuesday, with the key index above the 3,000 level for the first time since mid-October, dealers said. The benchmark NZX-50 index rose 20.46 points to 3,018.47 on turnover worth 82.3 million dollars (54.2 million US). There were 45 rises and 34 falls among the 114 stocks traded. 'I think possibly the market had been oversold -- now it looks like it might be bouncing back the other way, people may be getting over-enthusiastic,' ABN Amro broker James Porteous told Dow Jones Newswires. Grant Williamson, an adviser at Hamilton Hindin Greene, said the local market was continuing to follow overseas markets higher. 'Investors are now starting to buy ahead of the reporting season after seeing what happened in (the US) where a lot of results beat market expectations.' Williamson said. 'I think investors believe that's what's going to happen in New Zealand as well,' he said. Market leader Telecom rose two cents to 2.88 dollars, and Fletcher Building dropped two cents to 7.27. Contact Energy gained 10 cents to 6.29 dollars and casino operator Sky City gained 11 cents to 3.24. Tourism Holdings rose four cents to 50 cents, Air New Zealand added six cents to 1.04, and discount retailer The Warehouse shares gained six cents to 3.95. Fisher & Paykel Healthcare fell three cents to 3.16 dollars, and Auckland International Airport fell one cent to 1.73. New Zealand Refining fell 25 cents to 7.40 dollars, following news Monday the company had not yet undergone due diligence from any potential bidder. Earlier media reports said at least one of the company's five main shareholders was looking to sell its stake. 