Telecom, Chorus shares up

Both Telecom and its former network arm, Chorus, have enjoyed modest gains in their first day trading as separate entities on the NZX.

At the time of writing, Chorus shares were up 11.26% to $3.27 – their highest value for the day – after debuting at $2.94 this morning.

Telecom shares have also fared adequately, rising 4.28% from $1.94 on opening to $2.02.

Telecom shareholders were entitled to one share in Chorus for every five they held in Telecom. Shares are currently trading on a deferred settlement basis, with regular trading to begin on Friday.

The demerger will officially be completed on November 30.