Kathmandu produces 'ripper' result
The S&P/NZX 50 Index increased 88.04 points, or 0.8 percent, to 10,874.30. Within the index, 34 stocks rose, 12 fell, and four were unchanged. Turnover was $165.3 million.
Kathmandu hit a four-month high $2.45, and ended the day up 16 percent at $2.44 on a volume of 850,000 shares, well up on its 90-day average of 143,000. The retailer said annual profit rose by as much as 13 percent as Australian sales accelerated in the second half and its North American Oboz Footwear acquisition continued to bolster revenue. It will report its audited result in September.
"Kathmandu was the star on the day," said Shane Solly, a portfolio manager at Harbour Asset Management which owns about 11 percent of the retailer. "They came out with an absolute ripper of a result."
Yesterday's surprisingly large cut to the official cash rate by the Reserve Bank continued to support demand for stocks offering reliable dividends. Argosy Property, which held its annual meeting today, rose 4.6 percent to $1.475, Auckland International Airport was up 3.3 percent to $9.81 on a volume of 1.3 million shares, Contact Energy advanced 2.7 percent to $8.13 with 1.2 million shares changing hands, Stride Property increased 2.6 percent to $2.34, and Genesis Energy was up 2.6 percent at $3.51.
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