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Article: Leading stocks perform well
- Article from:
- The Press
- Article date:
- November 14, 1996
CopyrightCopyright 1996 The Press. Provided by ProQuest LLC. (Hide copyright information)
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A sudden afternoon rally by Telecom highlighted a good showing by
leading stocks yesterday.
Telecom traded slowly in the morning but jumped from 753 to 760
in
an early afternoon trade, before closing at 762, up 9c for the day.
Paul Nicholson, a principal at SBC Warburg in Auckland, said the
sharp rise was unexpected ahead of the company's half-year profit
report today.
Although some analysts have downgraded their forecasts, he said
investors must be anticipating good news.
There has been talk of a possible share buy-back.
The NZSE40 capital index rose 17.14 points to 2342.94. Overall
trade was 33.1 million shares for a value of $67.24m.
Rises exceeded falls 44 to 42.
Brierley Investments was ...