23 Nov 2011

Chorus shares up 7% on first day of trading

6:44 pm on 23 November 2011

Shares in Chorus rose 7% on their first day of trading on the stock exchange.

Chorus and New Telecom shares traded on Wednesday, ahead of the official separation of the companies next week.

Chorus' shares opened at $3 apiece, and closed at $3.31, while New Telecom shares fell 50 cents to $2.025.

Chorus chief executive Mark Ratcliffe says listing the company heralds a new era.

"We've been on a long journey for this, we've been participating in the process with the Crown for nearly three years. To suceed with that and get to this point today is massively exciting," he says.

Mr Ratcliffe says Chorus is on track with its plans to roll out fibre to 50,000 homes, schools and hospitals by the middle of next year.

Telecom shareholders were issued one Chorus share for every five Telecom shares held.