7 May 2014

Share market positive

6:58 pm on 7 May 2014

The New Zealand share market staged a turnaround on Wednesday with the benchmark top 50 index closing up 14 points at 5,189, after trading lower for much of the day.

A client advisor at First NZ Capital, Don Lewthwaite, said it was a mixed bag.

He said there was a Fletcher Building selloff after the company stated the Australian market was still subdued, but Kathmandu was up quite firmly after solid sales results.

Shares in Fletcher Building fell 26 cents to $9.30 while Kathmandu jumped 32 cents, or nearly 9 percent, to $4 after the company announced stronger third quarter group sales.

The listed retailer said for the 13 weeks ended April rose 3.6 percent to $93 million, compared with the same period last year.

Another strong result was Mainfreight, with shares up 20 cents to $13.60.