MARKET CLOSE NZ shares rise after Chorus posts maiden profit, Xero falls

Mon, 27 Aug 2012

By Hannah Lynch Aug. 27 (BusinessDesk) - New Zealand shares rose led by Chorus after the network operator posted a maiden profit and flagged a 25.5 cent dividend for its first full year as a standalone entity. Xero fell to a 2 ½-month low after saying it had no explanation for the slide in its shares. The NZX 50 Index rose 0.63 points, or 0.01 percent, to 3623.22. Within the index, 20 shares rose, 16 fell and 14 were unchanged. Turnover was a larger-than-normal $220.5 million, reflecting the heaviest day of trading in Telecom shares in about...

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