Market commentary

WELLINGTON: 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%. The index has fallen nearly 16% 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 ANZRoy 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.

DGL Group, which listed in late May last year, stunned the local market by saying it would 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 Group was down a further 14c or 4.38% 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% to $11.60; and Ryman Healthcare shed 25c or 2.42% to $10.10.

Mainfreight was down 49c to $75.51; Restaurant Brands declined 17c to $11.73; and Eroad fell 20c or 7.35% to $2.52.

Vulcan Steel was down 16c to $9.52; Trade Window fell 8c or 6.15% to $1.22; and Chatham Rock Phosphate was trimmed 6c or 9.84% 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% to $1.69.

Vista Group rose 9c or 6.21% to $1.54; Plexure Group gained 6c or 2.43% to $2.53; and AFT Pharmaceuticals increased 9c or 2.2% to $2.5c or 11.36% to 24.5c.

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.

Fonterra Shareholders’ Fund increased 8c or 2.89% to $2.85. 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.

Stride Property was down 2c to $1.69 after reporting a 14.85% fall in net profit on revenue of $90.1m, up 20.26%, for the year ending March. Stride is paying a fourth quarter dividend of 1.8c on June 14.

SMW Group has stopped trading on the NZX main board and will delist on Tuesday. It was up 1c or 2.22% to 46c.—