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NZX Shares Continue Rapid Rise

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Dec 8 NZPA - The share price of stock exchange operator NZX continued its rapid rise early, following yesterday's announcement that it was quadrupling the number of its shares via a stock split and intends increasing dividends annually for the next five years.

Shortly after the New Zealand sharemarket opened, shares in NZX were up 44c or 5.3 percent to 875, on top of yesterday's gain of 41c.

At the same time, the benchmark NZSX-50 index was up 7.04 points to 3145.62, having closed down 7.9 points yesterday.

Among leading stocks, Telecom was up 4c to 240 after falling 5c yesterday, while Fletcher Building lost 3c to 765 and Contact Energy eased 2c to 583.

Trustpower gained 4c to 734, NZ Refining Co lifted 4c to 419, Steel & Tube was up 3c to 277, Property for Industry rose 3c to 121, and The Warehouse was up 3c to 418.

Port of Tauranga dropped 4c to 703 on low volume, Methven was down 2c to 166 and Nuplex eased 2c to 259.

In the United States, stocks ended little changed as investors paused to gauge prospects for the US economic recovery and interest rates after Federal Reserve Chairman Ben Bernanke said the economy faced "formidable headwinds".

Financials, technology and energy shares finished in the red, but their losses were offset by a run-up in some defensive sectors, including telecoms and utilities.

Preliminary figures put the Dow Jones industrial average up 0.01 percent at 10,390.11, the Standard & Poor's 500 Index down 0.3 percent at 1103.25, and the Nasdaq Composite Index down 0.2 percent at 2189.61.

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