NZ market flat as My Food Bag shares get slammed

The S&P/NZX 50 index edged down 13.1 points, or 0.11%, to 12,144.66. Turnover was $142.8 million.

The aggressive sell-off of My Food Bag shares came after the company told shareholders it was expecting to see slower trading than anticipated in its current financial year thanks to deliveries being down 11.8% on the year to the end of January and revenue also down by 8%.

The board now doesn’t intend to pay a final dividend for the current financial year at this stage but expects to start paying a dividend again from the 2024 financial year.

Craig’s Investment Partners’ Peter McIntyre told BusinessDesk that a variety of factors would’ve encouraged the massive share price drop.