Controversial transtasman chemicals company DGL Group provided all the noise on an otherwise quiet New Zealand sharemarket with its sudden move to delist from the NZX after 13 months.
The S&P/NZX 50 Index slipped from a strong morning of trading – on a fall in the consumer confidence index – and closed the week at 11,065.15, down 37.69 points or 0.34 per cent. The index has fallen nearly 16 per cent so far this year.
There were 72 gainers and 69 decliners over the whole market, with 29.27 million shares worth $112.21 million changing hands.
The ANZ-Roy Morgan Consumer Confidence Index fell 2 points to 82.3 in May, above its record low of 77.9 in March but still concerning.
"With real wages falling, interest rates rising, house prices and equities falling and Omicron still prevalent, consumers aren't seeing much to feel happy about," ANZ chief economist Sharon Zollner said.
Greg Smith, head of retail with Devon Funds Management, said consumers and their spending were in the spotlight.
"The market was rattled this week by the Reserve Bank's outlook for increasing interest rates – and therefore mortgage rates – even though the present reporting season has been positive.
"It was a little surprising as the US Federal Reserve's minutes showed optionality in rate increases should the economy stutter," Smith said.
DGL Group, which listed in late May last year, stunned the local market by saying it will stop trading on the NZX on June 28. It will maintain a sole listing on the Australian ASX.
This follows DGL's founder Simon Henry's attack on My Food Bag and former director Nadia Lim.
DGL told the market the New Zealand shareholder participation was not as high as expected – at May 23 it had 689 local shareholders making up 12.98 per cent of the total shareholders.
Smith said the repercussions had continued. The backlash from institutional investors was unanimous, and DGL's dual listing provided an initial source of capital raising.
DGL Group was down a further 14c or 4.38 per cent to $3.06, after reaching a high of $4.50 on April 22.
Chorus was down 9c to $7.23; Delegat Group declined 36c or 3.01 per cent to $11.60; Heartland Group Holdings decreased 4c or 1.84 per cent to $2.13; and Ryman Healthcare shed 25c or 2.42 per cent to $10.10.
Mainfreight was down 49c to $75.51; Restaurant Brands declined 17c to $11.73; Eroad fell 20c or 7.35 per cent to $2.52; and Pushpay Holdings shed 3c or 2.04 per cent to $1.44.
Vulcan Steel was down 16c to $9.52; Ventia Services Group declined 6c or 2.04 per cent to $2.88; Trade Window fell 8c or 6.15 per cent to $1.22; and Chatham Rock Phosphate was trimmed 6c or 9.84 per cent to 55c.
Freightways gained 15c to $10.75; Ebos Group increased 35c to $39.90; Summerset Group Holdings collected 14c to $10.57; and Gentrack was up 9c or 5.63 per cent to $1.69.
Vista Group rose 9c or 6.21 per cent to $1.54; Plexure Group gained 6c or 2.43 per cent to $2.53; AFT Pharmaceuticals increased 9c or 2.2 per cent to $2.5c or 11.36 per cent to 24.5c; and hospitality group Savor was up 3.5c or 8.64 per cent to 44.
Meridian Energy, unchanged at $4.42, told the market the suspension of Potline 4 at the Tiwai Point aluminium smelter has been extended to the end of September this year. Contact was down 9c to $7.37.
Utilities investor Infratil, up 1c to $7.94, has launched a $50m, eight-year bond with the ability to accept oversubscriptions of $15m.
Fonterra Shareholders' Fund increased 8c or 2.89 per cent to $2.85. Dairy cooperative Fonterra has set the opening 2022/23 season farmgate milk price at a midpoint of $9kgMS – lower than the present season's $9.30 midpoint.
Green Cross Health, owner of Unichem and Life Pharmacies, declined 2c to $1.33 after reporting a 47 per cent rise in net profit to $24.6m on revenue of $670.3m, up 18 per cent, for the year ending March.
Green Cross also has 53 medical centres and operating profit was up 49 per cent to $35.9m. It is paying a final dividend of 3.5c on June 23.
Stride Property was down 2c to $1.69 after reporting a 14.85 per cent fall in net profit on revenue of $90.1m, up 20.26 per cent, for the year ending March. Stride is paying a fourth quarter dividend of 1.8c on June 14.
Greenfern Industries, up 0.003c or 3.09 per cent to 10c, has experienced average new patient increases of 42 per cent month on month since prescription sales of its GFI Pharma branded medical cannabis tinctures began in Australia in November last year. So far this year more than 500 patients are using the product.
SMW Group has stopped trading on the NZX main board and will delist on Tuesday. It was up 1c or 2.22 per cent to 46c.