New Zealand shares end flat

New Zealand share prices closed little changed on Tuesday as a strong rise in number two stock Contact Energy outweighed a disappointing showing by market leader Telecom, dealers said. The benchmark NZX 50 index gained 1.98 points or 0.06 percent to 3,376.38 on turnover worth 141.53 million dollars (93.01 million US).
Contact Energy rose 29 cents or 3.3 percent to a three-month high of 9.00 dollars on speculation that majority owner Origin Energy may increase its stake. Telecom ended eight cents down 3.07, after touching a 15-year low of 3.06 dollars during the session.