Warehouse shares up 2pc after half year result

Shares in The Warehouse were up 2 per cent when the market opened today after the retailer announced a 17 per cent rise in half year net profit to $57.4 million, although the company described the recovery in overall retail spending as "patchy".

As shares in The Warehouse rose 8c to $4.00 early, the wider New Zealand sharemarket edged ahead. Around 10.10am the benchmark NZX-50 index was up 1.67 points to 3225.12, after dropping 2.7 points yesterday.

Among leading stocks Contact Energy fell 4c to $6.09, while Telecom gained 1c to $2.25, and Fletcher Building was unchanged on $8.11.

Sanford fell 4c to $4.70 and Scott Technology lifted 2c to $1.30.

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In the United States rising bank shares led a late-day rally, helping the S&P 500 hit a 17-month closing high and offsetting worries China may move to cool its overheating economy.

The Dow Jones industrial average gained 0.4 per cent to end unofficially at 10,611.84, the Standard & Poor's 500 Index rose 0.4 per cent to 1150.24, and the Nasdaq Composite Index added 0.4 per cent to 2368.46.

- NZPA