MARKET CLOSE NZ shares rise, paced by Telecom as higher yields draw demand

Mon, 15 Oct 2012

Oct. 15 (BusinessDesk) - New Zealand shares rose, led by companies with relatively high dividend yields such as Telecom as low interest rates worldwide stoke demand for assets offering bigger returns. The NZX 50 Index rose 19.71 points, or 0.5 percent, to 3916.365. Within the index, 22 stocks rose, 18 fell and 10 were unchanged. Turnover was $67.5 million. Telecom, the biggest company on the bourse, advanced 2.4 percent to $2.38 and has a dividend yield of 12.8 percent. That’s about three times the rate offered by a 12-month term deposit, a...

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