NZ shares close higher led by Telecom

Share prices closed higher led by Telecom ahead of its results tomorrow, and with sentiment boosted by Wall Street's gains overnight, dealers said.

The NZSE-40 index reached its highest level in two weeks, up 7.59 points to 2,007.11.

"We had a reasonably busy day, a bit of interest in the leaders and a bit of encouragement that the offshore markets in the US were positive again," Alan Wills, a broker with Forsyth Barr Frater Williams said.

Expectations of solid results to be announced tomorrow drove Telecom up 0.02 nzd at 4.87 and Fisher and Paykel Healthcare up 0.20 at 9.10.

Tranz Rail gained 0.09 to 2.07, with investors seemingly ignoring news the Stock Exchange's market surveillance panel is investigating complaints the company did not disclose relevant information in a timely fashion.

A solid result from Waste Management was well received, sending the share price up 0.13 at 3.25.

Other moves included Auckland Airport up 0.08 at 4.19, Contact Energy up 0.10 at 3.95, Fletcher Building up 0.02 at 2.80, and UnitedNetworks up 0.02 at 9.15.

Falls included The Warehouse, down 0.02 at 7.25 and Sky City down 0.06 at 6.47.