MARKET CLOSE NZ shares rise paced by Telecom, Contact, NZ Refining on earnings optimism

Fri, 10 Aug 2012

By Hannah Lynch Aug 10 (BusinessDesk) - New Zealand shares rose, paced by Telecom, Contact Energy and NZ Refining in the lead up to an earnings season some analysts say will beat estimates. The NZX 50 Index rose 5.81 points, or 0.16 percent, to 3577.79. Within the index, 20 stocks rose, 18 fell and 12 were unchanged. Turnover was $96 million. "The interesting thing about earnings season is that people expect the environment to be a bit slow and that is fine when expectations are low, but as share prices creep higher the bar goes up," said M...

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