NZ shares rise, led by retailers
Mon, 03 Sep 2012 8:38p.m.
New Zealand shares rose, led retailers such as Pumpkin Patch, Kathmandu and Warehouse Group on optimism they've managed to keep costs under control.
The NZX 50 Index rose 2.35 points, or 0.1 percent, to 3669.03 in the first trading day for September. Within the index, 23 shares rose, 17 fell and 10 were unchanged.
Turnover was worth about $104 million.
Pumpkin Patch rose 9.1 percent to $1.20. The stock has climbed almost 20 percent since posting full-year earnings that beat estimates last month.
Warehouse Group gained 0.7 percent to $2.82 ahead of its full-year results on Friday. Kathmandu, the outdoor clothing retailer that posts its results on September 20, increased 2.3 percent to $1.82.
"The retailers that have reported have reported well," said Greg Easton, investment adviser at Craigs Investment Partners. "They have all managed their costs and inventories well and increased the bottom line."
Tourism Holdings rose 19 percent to 68 cents, a level it hasn't exceeded since July last year, after the campervan rental company said it will acquire KEA Campers and United Campervans in a $69.5 million deal that will double its per-share earnings in 2014.
Skellerup Holdings, the industrial rubber products supplier that posted a record annual profit, climbed 0.6 percent to $1.65.
Sky Network Television fell 0.8 percent to $5.02 after the Commerce Commission said it needs to dig a little deeper into the pay-TV operator's content arrangements with internet service providers after completing the first stage of its investigation.
Fletcher Building fell 0.8 percent to $6.60 even after it agreed to sell its New Zealand electrical products distribution business, Corys Electrical, to Sonepar SA.
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6/09/2012 7:05:29 p.m.
Craig Stobo wrote:
Did you quote AMP NZ Office Ltd at $1.25 tonight on your business section in the 6pm news.?...... Might pay to recheck that!!!!
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