Market Index near five-year high as firm says it will pay investors special dividend.
New Zealand shares edged up to a five-year high as Sky Network Television surprised investors with a special dividend and Tower said it would return capital to shareholders after the sale of its medical insurance business.
The NZX 50 index rose 4.61 points, or 0.1 per cent, to 4016.77, the highest since the start of January 2008. Within the index, 25 stocks rose, 18 fell and seven were unchanged. Turnover was $142 million.
Sky TV rose about 3 per cent to $5.22. The company will pay a special dividend of 32c a share with a record date on December 13 to distribute tax credits.
Sky TV's special dividend "came out of the blue somewhat and shareholders will welcome the decision," said Grant Williamson, a director at brokerage Hamilton Hindin Greene.