WELLINGTON - Share prices closed higher with Canwest Mediaworks lifting an otherwise flat market, dealers said.
The benchmark NZSX-50 index was up 5.95 points or 0.15 pct at 3,855.01 on turnover worth 229.22 mln nzd.
With the central bank about to make a fresh interest rate decision and the local currency still strong, investors were sitting on the sidelines, Forsyth Barr broker Suzanne Kinnaird said.
Canwest Mediaworks was the 'only real news' after Australian media company Fairfax announced a merger with Australia's Rural Press Ltd, another deal in a rapidly consolidating industry.
Canwest, which owns television and radio stations in New Zealand, added 0.08 nzd to a new high of 2.03 nzd. Fairfax has several newspapers, magazines and other interests in New Zealand.
Market-leader Telecom accounted for a quarter of the day's volume, easing 0.03 nzd to 4.50 nzd.
Fletcher Building, which hit an intra-day record high 10.27 nzd earlier in the week, climbed 0.06 nzd to 10.26, while Contact Energy was up 0.01 nzd at 7.86.
Air New Zealand continued to benefit from takeover speculation around Australian rival Qantas, rising 0.04 nzd to 1.72, a fresh two-year high.
(1 usd = 1.45 nzd)
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© 2006 AFX News
