Dec. 29 (BusinessWire) – New Zealand shares rose in subdued trading, as many local investors took a Christmas-New Year holiday. Telecom Corp. and NZX Ltd. led the advance.

The NZX 50 climbed 19.92, or 0.6%, to 3225.12 in the first trading day since Dec. 24. It was the third gain in four sessions. Within the index, 20 stocks rose, 14 fell and 15 were unchanged. Turnover was $16 million, about a quarter of typical daily trading.

Telecom rose 3.3% to $2.53. The shares are yielding about 1`5% based on 12 months of dividends, compared to 12% for Australia’s Telstra Corp. Telecom is rated ‘hold’ based on the consensus of 14 recommendations compiled by Reuters.

NZX, the stock exchange operator, rose 3.1% to $2.35. …

Read the rest of this article on Scoop.co.nz

Tags: Business, New Zealand shares, New Zealand Stock Exchange, NZX, telecom

This entry was posted on Tuesday, December 29th, 2009 at 5:02 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.