NZ shares rise to four-year high
Tue, 25 Sep 2012 10:45p.m.
New Zealand shares rose to a four-year high on Tuesday as offshore investors were drawn to the nation's relatively stable earnings and high yields.
Telecom, Auckland International Airport and Infratil led the advance.
The NZX 50 Index rose 16.16 points, or 0.4 percent, to 3825.31, the highest level since January 11, 2008.
Within the index, 31 shares rose, 14 fell and five were unchanged. Turnover was $114 million.
"It's a reflection of the fact that there weren't too many surprises (from earnings season)," said James Smalley, client adviser at Hamilton Hindin Greene.
"Most companies hit their numbers, there are high yields and low interest rates and a lot of the issues overseas we have known about for some time.
"There is money continuing to flow into the New Zealand market and that is pushing is along."
Telecom, New Zealand's largest listed company, rose 1.9 percent to $2.39. The stock has a dividend yield of 12.8 percent.
Infratil, the investment infrastructure firm, advanced 1.2 percent to $2.13.
Auckland International Airport gained 1.2 percent to $2.65.
Tower, the insurance company, gained 2.3 percent to $1.76.
SkyCity Entertainment Group, the casino operator in talks with the New Zealand Government to build a convention centre in Auckland, increased 1 percent to $3.92.
Declines were led by Cavalier, New Zealand's only listed carpet marker, down 3.8 percent to $2.04.
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