Kathmandu shines in early sharemarket rise

Wednesday 19th January 2011

Shares in outdoor clothing and equipment company Kathmandu Holdings rose 5% in early trading, after the company announced a strong sales performance in December and this month.

It expected earnings before interest and tax for the six months to the end of January to be 20 to 26% ahead of a year earlier.

The 9c rise in Kathmandu (NZX: KMD ) shares to $1.89 was a standout in a solid start to the day by the sharemarket, with the NZX-50 index up 6.42 points to 3350.16 around 10.15am, after it ended yesterday down 10.6 points.

NZ Refining Co (NZX: NZR ) rose 12c to $4.68 early, Auckland Airport (NZX: AIA ) gained 3c to $2.24, NZX (NZX: NZX ) was up 2c to $1.70, Fletcher Building (NZX: FBU ) added 2c to $7.88, and Contact Energy (NZX: CEN ) lifted 2c to $6.36, while Telecom (NZX: TEL ) was unchanged on $2.27.

Freightways (NZX: FRE ) lost 4c early to $3.25, Property for Industry (NZX: PFI ) was down 2c to $1.11, and The Warehouse (NZX: WHS ) slipped 2c to $3.60.

In the US, stocks gained despite weak Citigroup results and concerns circling Apple after news of chief executive Steve Jobs' medical leave.

The Dow Jones industrial average gained 0.4% to end unofficially at 11,837.93, the Standard & Poor's 500 Index rose 0.1% to 1295.02, and the Nasdaq Composite Index added 0.4% to 2765.85.

NZPA

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