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Tourism heavyweight Skyline Enterprises became the fifth company on the Deloitte South Island Index to achieve market capitalisation greater than $1 billion, growing by $170.2 million, or 20%, during the quarter, to hit $1.02 billion.
The market capitalisation of a company is the value of all its ordinary shares on issue.
The other four in the top five of the index are Ryman Healthcare ($5.98 billion), Meridian Energy ($7.99 billion), Synlait Milk ($2.05 billion) and EBOS Group ($2.73 billion).
Of the 31 companies on the index, 17 recorded growth in market capitalisation, two recorded no movement and the remaining 12 recorded a decline.
Corporate finance partner in Deloitte's Christchurch office Scott McClay said it was positive to see more South Island companies pushing through the $1 billion market capitalisation barrier.
The top five companies' collective increase in market capitalisation was $2.08 billion, or 11.8%, and accounted for 90.5% of the index' total market capitalisation growth during the quarter.
''A year ago there were only three $1 billion listed South Island companies, and now there are five with a sixth knocking on the door.
''It provides evidence that, despite the trend we saw of companies moving to the North Island over the last decade, good businesses can thrive in the South Island and be recognised by investors for their efforts,'' Mr McClay said.
Ryman Healthcare's rise in market capitalisation of $690 million, or 13%, was the largest, followed by Meridian Energy's, which was up $679.2 million, or 9.3%.
Synlait Milk built on growth recorded in the first quarter of 2018 to finish the June quarter up by $546.6 million, or 36.4%, while EBOS Group recorded no change in market capitalisation for the quarter, sitting at $2.73 billion.
The most significant percentage declines came from SeaDragon, which dropped 40.3%, followed by Syft Technologies, down 29.2%, and Dunedin-based cancer diagnostic firm Pacific Edge, which fell 24.7% in the quarter to $135.2 million.
Scott Technology's market capitalisation was largely unchanged at $265.7 million and ranked 13th overall again, while South Port rose one place to 14th, at $183.6 million.
Silver Fern Farms' ranking was unchanged at 19th, at $50.2 million, Blue Sky meats rose two places to 23rd, at $15 million and Dunedin-based Blis Technologies was unchanged at 24th, at $14.4 million.
Outside of the top five, the best performers in percentage terms were Pharmazen, up 44.8%, and Kathmandu, whose market capitalisation rose 22.8%.