South Island listed companies continued to perform well over
the December quarter, according to the latest Deloitte South
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
PGG Wrightson was another strong performer, gaining $67.9
million (25.7 per cent) and moving into 5th position on the
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
Silver Fern's shares trade on the Unlisted trading platform.