New Zealand shares close at new high, Telecom up on Yellow Pages bid report |
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Mon, 15 Jan 2007 07:18
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WELLINGTON, New Zealand (XFN-ASIA) - Share prices closed at a new high, led up by Telecom after a news report said Australian media companies were interested in buying its Yellow Pages business, dealers said.The benchmark NZX-50 gross index finished up 33.77 points, or 0.83 pct, at 4,085.61, well above the previous record high of 4,064.08 set on Jan 10. Turnover was a light 64.5 mln nzd.'There's not much corporate news but still reasonably positive sentiment, albeit on low volumes,' said Stephen Wright of ASB Securities.Telecom rose 13 cents to an eight-month high of 5.02 nzd after an Australian news report said Seven Group and Fairfax Media were among interested buyers for Telecom's Yellow Pages business, worth up to 2.2 bln nzd. A sale was expected to lead to a capital return to shareholders.Telecom also said Monday it was increasing its line rental charges.Among other leading stocks, Fletcher Building closed up 12 cents at 10.68 nzd and Contact Energy rose one cent to 8.56.Discount retailer The Warehouse fell eight cents at 7.00 nzd. The company said last week it expected a flat first-half net profit while Christmas trading was below expectations.Trustpower, which said Friday it was setting up a 200 mln nzd windfarm in Australia, was up 20 cents at 7.65 nzd.Financial services firm Tower fell four cents to 2.20 nzd, Sky TV fell 11 cents to 6.35 nzd and Air New Zealand shed three cents to 2.02.afp
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Australia's Seven Media to bid for NZealand's Yellow Pages - report 