New Zealand share prices closed up 0.46 percent on Monday, following a big gain in market leader Telecom, dealers said. The benchmark NZX-50 index rose 15.31 points to 3,326.92 on turnover worth 104.7 million New Zealand dollars (73.8 million US). There were 49 falling stocks, with the same number of gainers.
Telecom rose 13 cents to 3.36 dollars on strong volume, following recent weakness. "One day people will be out of Telecom and the next they'll be back into it, it's that kind of stock," said David Le Breton of ASB Securities.
"We have seen a lot of selling in it recently." Sky City shares fell one cent to 3.42 after the casino and entertainment company posted a 49 percent fall in annual net profit. After adjustment for non-recurring items, including the writedown of its cinema business, profit was up 19 percent.