MARKET CLOSE NZ shares rise as Telecom sells AAPT, power companies bounce

Mon, 09 Dec 2013

Dec. 9 (BusinessDesk) – New Zealand shares rose after Telecom announced the sale of its AAPT unit in Australia at a higher price than expected and Contact Energy led gains among power companies beaten up by fears of a Labour-Greens government next year. The NZX 50 Index rose 4.783 points, or 0.1 percent, to 4718.306. Within the index, 20 stocks rose, 22 fell and eight were unchanged. Turnover was $115 million. Telecom gained about 2 percent to $2.33 after saying it had sold its AAPT unit to ASX-listed TPG Telecom for A$450 million, beating p...

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