South Island compnaies performing well - report

South Island listed companies continued to perform well over the December quarter, according to the latest Deloitte South Island Index.

The 20th edition of the index showed South Island companies gained $405 million, or 7.7 per cent, in market capitalisation over the quarter, continuing the momentum from the third quarter.

The latest results saw the index gain $1.2 billion, or 27.4 per cent, during the calendar year, with total market capitalisation now standing at $5.68 billion.

Paul Munro, a corporate finance partner in Deloitte's Christchurch office, said most of the increase in market capitalisation was attributable to the share price growth of Ryman Healthcare, which increased by about $920 million (68 per cent) over the year.

A third of the companies included in the index experienced declines in market capitalisation.

Half the companies listed on the Deloitte South Island Index experienced upward movements in their market capitalisation over the quarter.

Again, the index's top performer for the quarter was Ryman, gaining $225 million, or 11 per cent, in market capitalisation.

PGG Wrightson was another strong performer, gaining $67.9 million (25.7 per cent) and moving into 5th position on the index.

The biggest decline in the quarter came from Silver Fern Farms, which lost $20.1m, or 23.6 per cent, in value after the company reported an annual operating loss after tax of $31 million.

Silver Fern's shares trade on the Unlisted trading platform.