MARKET CLOSE: NZ shares rally Telecom climbs as Blackrock lifts stake, Fletcher rises

Wed, 04 Jul 2012

July 4 (BusinessDesk) - New Zealand shares rose, pushing the NZX 50 Index to a two-month high, with volumes dominated by Telecom after the government named a regulator seen as more benign and a US fund lifted its stake in the biggest company on the exchange. The NZX 50 Index rose 38.48 points, or 1.1 percent, to 3483.11. Within the index, 38 stocks rose, four fell and eight were unchanged. Turnover was about $122 million, with Telecom alone accounting for $66 million of that. Telecom gained 2.7 percent to $2.49. Communications Minister Amy A...

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