10 Jan 2013

New Zealand shares up

8:51 am on 10 January 2013

New Zealand shares rose on Wednesday, nudging the NZX50 Index to a five-year high.

The index gained 13.17 points, or 0.3%, to 4103.54 on turnover of $130.8 million.

AAP reports the index has been rising ahead of earnings reports in February.

Some companies have given favourable mid-quarter updates that have lifted expectations earnings won't disappoint and dividend yields on shares like Telecom make them attractive against fixed income securities.

OceanaGold, which operates the Macraes gold field, rose 6.2% to $3.43.

Kathmandu gained 3.4% to $2.11.

Telecom, which has a dividend yield of 13.3%, rose 3.1% to $2.31.

Skellerup was down 2.4% to $1.63 and Contact Energy fell 2.3% to $5.17.