Warehouse leads NZX higher

OPEN: March 12

Shares in The Warehouse were up 2 percent when the market opened today after the retailer announced a 17 percent 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 400 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 609, while Telecom gained 1c to 225, and Fletcher Building was unchanged on 811.

Sanford fell 4c to 470 and Scott Technology lifted 2c to 130.

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 percent to end unofficially at 10,611.84, the Standard & Poor's 500 Index rose 0.4 percent to 1150.24, and the Nasdaq Composite Index added 0.4 percent to 2368.46.

- NZPA