Sharemarket heads back up after slide
New Zealand shares rose yesterday, heading back towards a record high after a two-day slide.
New Zealand shares rose yesterday, heading back towards a record high after a two-day slide.
Kathmandu lost more than a quarter of its market value yesterday after investors punished the outdoor retailer for poor Christmas and New Year trading that will result in a first-half loss.
Kathmandu's stock slumped 19 per cent to a two-and-a-half year low after the outdoor goods retailer said Christmas and January trading lagged behind expectations.
Kathmandu's shares have slipped to a near two-year low as the outdoor retailer blames low consumer confidence for a subdued start to Christmas trading in its Australian market.
Retailers are hoping positive economic conditions will offset a blustery and wet start to the spring and summer period.
Kathmandu says a cold snap last month in Australia and New Zealand helped generate more sales than anticipated.
NZ shares rose yesterday, led by Goodman Property Trust, after the property investor said full-year net profit rose 72 per cent. Trade Me and Xero paced the gains while Ryman Healthcare fell ahead of reporting earnings today.
Shares in Kathmandu Holdings jumped to a five-week high, making it the best performing stock on New Zealand's benchmark NZX 50 Index
Outdoor apparel and clothing retailer Kathmandu has expanded its online offering and is now shipping product to more than 40 countries.
NZ shares were mixed yesterday as investors cast forward to next month's earnings season, and as regional markets mulled this week's Federal Reserve meeting.
New Zealand shares fell yesterday as the market joined a region-wide decline, and was paced by retailers after the Warehouse Group joined Hallenstein Glassons in issuing a profit warning.
James Strong, the chairman of NZX-listed retailer Kathmandu and a former chief executive of Qantas, died in Sydney yesterday.