New Zealand shares closed 0.73 percent higher on Thursday following gains in market leaders Telecom and Fletcher Building, dealers said. The NZX-50 index rose 20.20 points to 2,798.24 on turnover worth 144 million dollars (90.7 million US). The number of falling stocks outnumbered rises by 47 to 39 among the 112 stocks traded.
Telecom rose 10 cents to 2.69 dollars and Fletcher Building gained nine cents to 6.45. Nigel Scott of ABN Amro Craigs said overall activity remained subdued following the rally of recent months. Financial services firm Tower fell six cents to 1.80 dollars and Air New Zealand was down four cents at 94 cents.