January 26, 2017 / 4:41 AM / in 3 years

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 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 closing 1.4 percent higher.

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

New Zealand dollar 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.

The Australian stock market was closed for Australia Day.

Reporting by Sindhu Chandrasekaran in Bengaluru; Editing by Simon Cameron-Moore

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