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Shares rise on Pumpkin plans with Amazon

Reported by AAP
Wednesday, April 4, 2012
Coolest smartwatchesTech giants and smaller players have jumped on the smartwatch bandwagon.

New Zealand shares rose for the first day in three, as Pumpkin Patch gained on plans to sell children's clothing via Amazon.

Fletcher Building fell on concern Australia's home-building market remains weak.

The NZX 50 Index rose 7.33 points, or 0.2 per cent, to 3480.42. Within the index, 28 stocks rose, 13 fell and nine were unchanged.

Turnover was $105.6 million.

Pumpkin Patch gained 9.8 per cent to $1.12.

The children's clothing chain closed unprofitable stores in the US and the UK, taking charges that pushed it to a first-half loss.

On Wednesday the company said has teamed up with online retailer Amazon to sell its products in the UK, France and Germany.

It expects the arrangement to generate "noticeable" earnings starting in 2014.

"The international division was its biggest problem and they have retrenched back to what they do best in New Zealand and Australia," said Mark Lister, head of private wealth research at Craigs Investment Partners.

The company is targeting international sales "in a different way and in line with the trend to sell things online. At some point we need to see all the things they are doing translated into profit".

Among other retailers, Michael Hill International rose 4 per cent to $1.05 and Hallenstein Glasson Holdings fell 0.5 per cent to $4.

Warehouse Group rose 1.1 per cent to $2.71.

Telecom and Contact Energy rose 0.8 per cent to $2.47 and gained 1.1 per cent to $4.68 respectively.

Rakon led decliners on the index, with the GPS components maker fall 4 per cent to 48 cents.

Fletcher, the nation's biggest construction and building products company, fell 3.6 per cent to $6.24.

NZX was unchanged at $2.81 after the stock exchange operator's latest operating metrics showed a 1.1 per cent decline in the value of trading across debt and share markets last month, even as the volume of trading increased.

23/09/2014 00:13Sydney, Australia. 23 September,2014
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