New Zealand shares rose yesterday, led by Air New Zealand and Kathmandu, after the Dow Jones Industrial Average hit a record high and Australia showed better economic growth and as the local market digests News Corp's Sky Network Television stake.
The NZX 50 Index rose 28.81 points, or 0.7 per cent, to 4297.97. Thirty stocks rose, 16 fell and four were unchanged. Turnover was $215 million, with about 30 per cent of that made up of Sky TV shares.
Sky TV rose 1 per cent to $5.07 even after shedding its 12c interim dividend.
News Corp sold its 44 per cent stake to institutions at $4.80 a share in an underwritten sale and New Zealand stocks were initially sold on news of the sale as investors freed up funds to buy the pay-TV company.