Home > NewsRoom > News

WELLINGTON, New Zealand (AP) -- New Zealand stocks rose sharply in light trading Monday, led by market heavyweight Telecom Corp. which closed at an eight-month high. The benchmark NZX-50 index gained 33.7 points, or 0.8 percent, to close at 4,085.61. Analysts believe the index will remain quiet through January, when institutional investors return from summer holidays. "It'll take until the end of January for volumes to pick up markedly," said ASB Securities adviser Stephen Wright. Telecom closed 2.7 percent higher at NZ$5.02 on Australian newspaper reports Australia's Seven Network and John Fairfax Holdings, along with Telecom's phone rival Telstra, are lining up to bid for its Yellow Pages directories business. The business is expected to fetch up to NZ$2.2 billion. First-half earnings season begins February and investors will look for signs a higher New Zealand dollar and slowing economy are impacting bottom lines. Dual-listed stocks, including Fisher & Paykel Healthcare, up 0.7 percent at NZ$4.24, and Fisher & Paykel Appliances, up 0.5 percent at NZ$3.82, benefited from a slightly lower cross rate between the New Zealand and Australian dollars.