New Zealand shares closed 0.55 percent higher on Monday with communications firm Telecom leading the way in a mixed market, dealers said. The NZX-50 index rose 15.33 points to close at 2,825.16 on turnover worth 79.8 million dollars (50.9 million US). There were 50 rises and 35 falls among the 113 stocks traded. "In the top 50, as many went up as went down, with trading in the larger stocks keeping (the market's) nose ahead," Stephen Wright of ASB Securities said.
Telecom closed up seven cents at 2.62 dollars, seemingly unaffected by a report Monday of a possible investigation by the government's business watchdog over whether the company broke the law by offering loyalty discounts to customers. Among other leading stocks, Fletcher Building closed down seven cents at 6.78 dollars, Contact Energy fell six cents to 5.83 and casino operator Sky City gained three cents to close at 2.75.
Fisher & Paykel Appliances jumped five cents to 71 cents, and Freightways rose six cents to 3.01 dollars. Guinness Peat Group rose a cent to 72 cents, Goodman Property rose a cent to 86 cents and Tower rose five cents to 1.86 dollars. Fisher & Paykel Healthcare fell one cent to 2.95 dollars, and Auckland International Airport fell one cent to 1.56.