MAKET CLOSE NZX 50 rises, rounding out 6.9 percent quarterly gain, as Telecom cuts costs

Thu, 28 Mar 2013

March 28 (BusinessDesk) – New Zealand shares rose, rounding out a 6.9 percent quarterly gain for the NZX 50 Index, as Telecom outlined plans to cut as much as $110 million in annual costs and Contact Energy shrugged off worries Rio Tinto may shutter its smelter, denting power demand. The NZX 50 Index rose 10.69 points, or 0.2 percent, to 4422.75 on the final day of the first quarter, a record high. Within the index, 27 stocks rose, 18 fell and five were unchanged. Turnover was $136.9 million. Telecom rose 0.9 percent to $2.34 and was the mos...

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