MARKET CLOSE NZ shares edge up as investors digest Telecom reforms; Contact falls

Wed, 03 Apr 2013

April 3 (BusinessDesk) – New Zealand shares rose, led by Telecom as investors digested its plan to slash costs while Contract Energy extended its slide on concern the possible closure of the Bluff smelter could leave power companies with even more surplus capacity. The NZX 50 Index rose 1.43 points, or 0.03 percent, to 4412.84. Within the index, 25 stocks rose, 20 fell and five were unchanged. Turnover was $159 million. Telecom gained 3.6 percent to $2.45. Last month the company announced plans to strip out as much as $110 million in annual c...

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