New Zealand shares up

The New Zealand share market closed on a high on Monday for the seventh consecutive session, in patchy trading by cash-rich investors.
Market leader Telecom closed below its session high but up 0.5 percent at NZ$5.99. The stock, which accounts for about a quarter of the top-50, helped buoy the index. "It (Telecom) was firmer in the States overnight, and telecoms stocks were pretty good over there, and of course markets as a whole were strong, so there'd be some carry-through buying from offshore institutions," said Stephen Wright of ASB Securities.
The benchmark NZSX-50 Index rose 4.39 points, or 0.15 percent, to close at a lifetime high of 2,858.11, on turnover of NZ$104 million ($70 million). Trading in take-over target Powerco was volatile, with the shares travelling a 10-cent range before closing down two cents at NZ$2.08 on turnover valued at NZ$16 million.