Kathmandu shines in ho hum NZ sharemarket

Kathmandu shares rose 7c to a new high in early trading on the New Zealand sharemarket, on top of a 19c gain yesterday after it reported its first interim result since being floated last November.

The 3 per cent gain in the outdoor clothing and equipment retailer took the shares to a new high of $2.45, but was one of few interesting developments on a generally flat market.

Around 10.20am the benchmark NZX-50 was down 1.6 points to 3219.09, after a 19.7-point gain yesterday.

Other retailers also gained early, with The Warehouse up 4c early to $3.90 and Briscoe Group up 2c to $1.36. Sky TV was up 3c to $5.05 and NZ Refining lifted 2c to $3.72.

Trustpower lost 4c to $7.15, Infratil dropped 2c to $1.66, and Comvita lost 5c to $1.90.

Telecom dropped 3c early to $.12, 1c under its previous all-time low reached on both of the past two days, as investors worried the company's earnings outlook implies lower dividends for the next few years.

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In the United States, the Dow industrials advanced for an eighth consecutive session, lifted by a rise in Boeing's stock, while a mixed group of economic figures kept the broader S&P 500 in check.

The Dow Jones industrial average gained 0.42 per cent to end at 10,779.17, the Standard & Poor's 500 Index dipped 0.03 per cent to 1165.83, and the Nasdaq Composite Index rose 0.1 per cent to close at 2391.28.

- NZPA