Retailers dominated gainers on the NZX, with Kathmandu putting on a further seven per cent to close at $3.60 on a day when the market as a whole drifted up slightly.

The NZX 50 Index rose 1.345 points, or 0.03 per cent to 4,770.215 on Thursday. Within the index, 20 stocks rose, 20 fell, and 10 were unchanged. Turnover was $127 million.

Outdoor pursuits retailer Kathmandu has had a strong run up from $2.85 on September 23, the day before it delivered a 27 per cent profit lift.

The stock has risen 106 per cent in the last 12 months.

Steel & Tube was the second main gainer, up 1.7 per cent to $3, followed by Michael Hill International, up 1.4 per cent to $1.45 after announcing it was changing financial reporting from New Zealand to Australian dollars.

Another leading retailer, Warehouse Group, lifted 1.36 per cent to $3.72.

New Zealand Oil & Gas initially gained before ending the day unchanged at 80 cents after an announcement on Thursday morning that its 35 per cent partner in the Tui oil and gas field, Mitsui E&P Australia, had quit its stake, selling out to the remaining participants in the declining field: NZOG, AWE, and Pan Pacific Petroleum.

“It looks very favourable for the acquirers,” said John Kidd, an energy analyst at Edison International Research.

The $US14.9m ($NZ17.9m) paid by the three for Mitsui’s stake implied a value for the field of $US43m.

“Analysts’ reports I’ve seen would say it (the value of Tui) is quite a way north of that,” he said.

Mitsui retains a four per cent interest in the Kupe field.

Leading declines on Thursday were Kiwi Income Property Trust, off 1.4 per cent to $1.09 and Chorus, down 1.1 per cent to $2.71.