Chorus shares were unchanged at $3.62 but the company has gained 15 per cent this year. Photo / Supplied.
New Zealand shares rose yesterday, extending the NZX 50 index's unbroken run through March as investors bought Telecom for its yield and bet on stocks tied to a return of global growth including Fisher & Paykel Appliances.
The NZX 50 gained 34.74 points, or about 1 per cent, to 3533.73,
the highest close since early June last year. Within the index, 29 stocks rose, 15 fell and six were unchanged. Turnover was $161 million, second only to yesterday in terms of value this year.
Telecom, which spun off its Chorus network business in November, rose 2.2 per cent to $2.53. The stock has advanced 19 per cent this year. At yesterday's price it has a dividend yield of about 12 per cent. Chorus was unchanged at $3.62 and has gained 15 per cent this year.
"People around the world are continuing to seek yield and they have high yield," James Lindsay, equities manager at Tyndall Investment Management, said. "It has been a pretty solid start to the year all round."
F&P Appliances rose 5.2 per cent to 51c as signs of a return to growth in the US stoked demand for companies that are poised to benefit.
