New Zealand share prices closed 0.42 percent higher Tuesday as interest in some cyclical stocks outweighed weakness in regional markets, dealers said. The benchmark NZX-50 index rose 12.83 points to 3,080.51 on thin turnover worth 60 million dollars (41.1 million US).
There were 44 rises and 35 falls among the 111 stocks traded. Brad Gordon, an adviser at Macquarie Equities, told Dow Jones Newswires that volumes were mostly light as investors continued to digest earnings news and awaited more results.
Michael Hill International slipped three cents to 69 cents, after reporting a 175.6 percent rise in full-year net profit to 69.5 million dollars, with the result boosted by a 52.9 million dollar deferred tax credit. Market leader Telecom rose two cents to 2.74 dollars, Fletcher Building rose five cents to 7.82 and Contact Energy rose eight cents to 6.33.