World Steel Tube It is reported The New Zealand sharemarket finished up 10.69 points, or 0.24 per cent, to 4422.75 today on strong trading in Telecom which announced more details about its cost savings regime.
Steel & Tube Holdings led gainers while New Zealand Oil & Gas led decliners.
The New Zealand dollar was recently trading at US83.59 cents, down from US83.67 cents this morning.
The Trade Weighted Index of major trading partners' currencies was steady at 77.00.
Telecom saw 18.2 million shares traded today after the telecommunications firm revealed it was likely to shed between 930 and 1230 full-time jobs by the end of June.
World Steel Tube Dispatch The restructure is expected to cut Telecom's annual wage bill by between $90m and $110m a year.
Chief executive Simon Moutter said the cutbacks were "an important step to build a leaner, more agile organisation with a competitive cost structure".
Telecom finished the day up 0.8 per cent at $2.34.
Meanwhile Steel & Tube Holdings led gainers up 2.7 per cent to $2.68, followed by Trade Me Group, up 2.1 per cent to $4.73, and A2 Milk Corporation, up 1.7 per cent to 58 cents.
World Steel Tube Dispatch AMP Limited was up 1.7 per cent to $6.43, Pumpkin Patch rose 1.6 per cent to $1.22, and Nuplex Industries gained 1.5 per cent to $3.32.
On the downside, New Zealand Oil & Gas fell 2.3 per cent to 86 cents, Xero dropped 2 per cent to $11.02, and TrustPower declined 1.9 per cent to $7.70.
Fisher & Paykel Healthcare dropped 1.8 per cent to $2.62, Kiwi Income Property Trust lost 1.7 per cent to $1.17, and market operator NZX Limited fell 1.4 per cent to $1.34.
World Steel Tube Dispatch On the currency crosses the kiwi dollar was recently at 80.14 Australian cents, up from 80.07 this morning, and at 65.40 Euro cents, down from 65.47 earlier.
It was recently at 78.66 Japanese yen, down from 78.96 yen this morning, and at 55.21 British pence, down from 55.27 pence earlier. World Steel Tube Dispatch