MARKET CLOSE Investors like Telecom, Contact Energy job cuts; more to come

Fri, 22 Feb 2013

By Pattrick Smellie Feb. 22 (BusinessDesk) – New Zealand equities stormed past 4,200 on the NZX50 Index, recovering ground lost since mid-January despite a mixed first full week of corporate earnings as Telecom Corp became the latest big corporate to announce big job cuts. The NZX50 index of leading stocks rose 44.175 points, or 1.1 percent to 4,214.603, a level not seen since Jan. 18, when there was a surge of pre-earnings season optimism about earnings quality. Total turnover was unusually heavy at $200.5 million, at the end of the bigges...

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