MARKET CLOSE NZ shares gain as yield appeal endures; Telecom up

Tue, 23 Oct 2012

Oct. 23 (BusinessDesk) - New Zealand shares rose, pushing the NZX 50 Index above 4000 for only the second time since January 2008, as low interest rates at home and abroad lifted the appeal of returns from equities in markets known for their relatively high dividend yields. Telecom paced the advance. The NZX 50 rose 16.09 points, or 0.4 percent, to 4004.25. Within the index, 26 stocks rose, 15 fell and nine were unchanged. Turnover was $120 million. Telecom gained 0.8 percent to $2.475 and was the most heavily traded stock, accounting for ab...

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