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New Zealand shares end higher supported by telecom stocks

Published 26/01/2017, 03:40 pm
Updated 26/01/2017, 03:50 pm
© Reuters. New Zealand shares end higher supported by telecom stocks

(Updates to close)

Jan 26 (Reuters) - New Zealand shares closed at three-month high on Thursday, as telcommunication firms led the way in a second day of gains for the broader index.

Taking a positive cue from Wall Street, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3 percent or 22.41 points to finish the session at 7,113.32.

The telecommunication services sector was the biggest gainer on the index with Spark New Zealand Ltd SPK.NZ closing 1.4 percent higher.

Airline operator, Air New Zealand Ltd AIR.NZ , however, sank 3.6 percent to its lowest since December 28.

New Zealand dollar NZD=D4 rose to a ten-week high after the release of data showing the annual inflation rate was 1.3 percent in the fourth quarter, slightly higher than economists' estimates of 1.2 percent. Australian stock market .AXJO was closed for Australia Day.

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