MARKET CLOSE: NZ shares fall as investors mull risk of increased rivalry for Telecom

Tue, 05 Jun 2012

June 05 (BusinessDesk) - New Zealand shares fell, as the weight of Telecom, the biggest company on the exchange, held back the NZX 50 Index in the face of a region-wide rebound. Telecom rivals Telstra and Vodafone today confirmed they're in talks to consolidate their local units. The NZX 50 fell 31.20 points, or 0.9 percent, to 3420.79. Within the index, 28 stocks fell, 15 rose and seven were unchanged. Turnover was a lower-than-average $62 million. Telecom fell 4.1 percent to $2.435 after Telstra, Australia’s biggest phone company, said it...

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