The Deloitte South Island Index of 31 listed companies' combined share value stumbled in the first quarter, following four consecutive quarters of growth in calendar 2017.
South Island listed firms collectively declined $342.1million, or 1.5% over the quarter to March, to a total $22.46billion. Market capitalisation is the total value of all ordinary shares on issue for each company.
Corporate finance partner in Deloitte's Christchurch office Scott McClay said three of the index's seven sectors posted positive movements for the quarter. Retail led the way with a 7.2% gain, followed by the primary sector, which rose 3.9%.
``The Deloitte South Island Index experienced a subdued start to the year, failing to continue its growth over the previous four quarters,'' he said in a statement.
Mr McClay said there were changes in the top companies with market capitalisation over $1billion.
Synlait Milk was the only one of these index participants to record capitalisation growth, gaining $213.3million, or 16.5%, to $1.5billion.
Ryman Healthcare recorded no change, at $5.29billion, while both Meridian Energy and EBOS Group recorded declines of $179.4million (2.4%, to $7.31billion) and $91.5million (3.2%, to $2.73billion), respectively.
Heartland Bank was the fifth index company to achieve capitalisation greater than $1billion in the quarter to December, but it subsequently declined to $980.6million, down $178.2million, or 15.4%,
Mr McClay said in percentage terms, the index growth was led by the retail sector.
Kathmandu's strong quarterly performance lifted its capitalisation $42.8million, or 8.7%, which more than offset Smith City Group's $5.3million, or 16.8%, decline.
In the technology sector, Mr McClay said Pharmazen and Blis Technologies recorded no change during the quarter.
Syft Technologies and Pacific Edge recorded declines of 1.7% and 1.3% respectively, he said.
The primary sector grew $117.2million, or 3.9%, led solely by Synlait Milk, which finished the first quarter of 2018 up $213.3million, or 16.5%, he said.
Marlborough Wine Estate and PGG Wrightson recorded no growth during the quarter.
The biggest percentage decline was booked by Silver Fern Farms, down 38.6%, or $29.1million, to $46.2million, followed by Smiths City and SeaDragon, down 16.6%, or $4.5million, to $22.6million.
Mr McClay said while the performance of the largest companies had buoyed the index' growth in recent quarters, the smallest 10 companies stepped up during the March quarter, collectively growing 6.4% in market capitalisation.
Gold miner Oceana Gold and dairy manufacturer A2 Milk are not included, being Australian-domiciled companies.
