New Zealand stocks rebound 2.5 percent

WELLINGTON, Feb 18 (Reuters) - New Zealand's benchmark stock index gained 2.5 percent on Monday as it rebounded further from 16 month lows.

The NZX-50 index .NZ50 closed unofficially at 3,601.78, driven by gains for leading stocks, improved earnings outlooks and takeover action.

Top stock Telecom Corp (TEL.NZ: Quote, Profile, Research, Stock Buzz) gained 1 percent to NZ$4.12, while number two stock Fletcher Building (FBU.NZ: Quote, Profile, Research, Stock Buzz) rose 3.9 percent to NZ$9.35.

Other stocks to perform strongly were takeover target Auckland International Airport Ltd (AIA.NZ: Quote, Profile, Research, Stock Buzz), up 9.1 percent to NZ$2.76, after reports the company's board would review its previous advice to reject a NZ$1.8 billion partial takeover offer.

Kitchen and laundry appliance maker Fisher and Paykel Appliances Ltd (FPA.NZ: Quote, Profile, Research, Stock Buzz) rose 4.3 percent to NZ$2.68 after reporting a 2.2 percent rise in revenue on higher prices and market share.

The index has fallen nearly 11 percent so far this year. (NZ$1=$1.27)