NZealand shares close at record high on Telecom rise |
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Wed, 10 Jan 2007 07:31
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WELLINGTON (XFN-ASIA) - Share prices rose for another record finish as top stock Telecom led the broader market higher, dealers said.The benchmark NZX-50 gross index added 11.42 points or 0.28 pct to 4,064.08, beating the previous record of 4,055.47 set on Dec 29. Turnover was 102.4 mln nzd.Rises outnumbered falls 55 to 49 among the 158 stocks traded.Telecom rose 0.14 nzd or nearly 3 pct to 4.89 nzd and contributed nearly half of the market's total turnover.The rise followed a newspaper report suggesting the company's directories' business should command a good price.In an information memorandum to potential buyers, Telecom said it expected the unit to have revenue growth of 13 pct this year.'They are certainly giving some strength at this time on no particular news,' Greenslades dealer Paul Valk said.Fletcher Building lost 0.20 nzd to 10.65 on thin volume. Contact Energy hit a record high of 8.70 nzd before closing up 0.09 nzd at 8.64.The energy company's rise has been fuelled by merger talk between Australia's AGL and Contact's Australian majority shareholder Origin.Air New Zealand was flat at 2.02 nzd after a strong gain on Monday, when it reached 2.00 nzd for the first time since August 2004. The gain followed a brokerage forecast of strong profit growth.Financial services firm Tower rose 0.04 nzd to 2.20, discount retailer The Warehouse was down 0.02 nzd at 7.15, Mainfreight eased 0.12 nzd to 7.78 and infrastructure investor Infratil lost 0.05 nzd to 5.30.Fisher and Paykel Appliances slid 0.07 nzd to 3.79 while Fisher and Paykel Healthcare was flat at 4.28, and children's clothing retailer Pumpkin Patch gained 0.09 nzd to 4.64.afp
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