New Zealand share prices closed 0.44 percent higher on Thursday following gains in market leader Telecom, dealers said. The benchmark NZSX-50 index closed up 14.66 points at 3,367.78 on turnover worth 123 million dollars (84.9 million US). Among the 153 stocks traded, there were 58 rises and 44 falls.
Telecom shares, responsible for more than half of Thursday's turnover, closed five cents higher at 6.13 dollars.
Telecom's shares were recovering following going ex-dividend at the end of last week, Hamilton Hindin Greene broker James Smalley said.
Most investors were still positive about the market's prospects despite some concerns about the impact of high oil prices, he added.
"People are still quietly confident about probably the next six to 12 months," Smalley said.
Retailer Briscoe Group rose 11 cents to 1.44 dollars after reporting a July half year profit of 10.2 million dollars, described by Smalley as an extremely good result. Rival discount retailer The Warehouse added 11 cents to 3.89 dollars.
Rural services firms Wrightsons and Pyne Gould Guinness continued their rise after the Commerce Commission Wednesday gave them approval to merge. Wrightson ended the day up 12 cents at 2.63 dollars and PGG was up eight cents at 2.48. Fisher and Paykel Appliances fell three cents to 3.40 dollars, while Fisher and Paykel Healthcare rose six cents to 3.58.
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