16 Apr 2013

South Island companies growing nicely

12:47 pm on 16 April 2013

South Island companies grew by 6.9% in the first three months of the year, taking their total market capitalisation to their highest level in six years.

The latest Deloitte South Island Index gained $388 million in market capitalisation, the fourth consecutive quarter of rises.

For the year to March, the index is up $1.3 billion, or 28%, with total market capitalisation now more than $6 billion.

Deloitte corporate finance partner Paul Munro of Christchurch said only about half of the companies increased their market capitalisation.

But a number had achieved a positive result without the direct stimulus provided by the Canterbury earthquake rebuild.

Ryman Healthcare was the top performer, followed by Kathmandu Holdings and Ebos Group. Bathhurst Resources had the biggest decline.