Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

The Deloitte South Island Index back in stride

South Island listed firms collectively grew their market capitalisation by $3,237.5 million (13.7 percent) in the quarter ending 31 March 2019

Christchurch, 8 May 2019 – The Deloitte South Island Index made a positive step to finish the first quarter of 2019 up $3,237.5 million (13.7 percent), after a disappointing end to 2018.


All the other benchmark indices tracked also recorded increases over the same period with the Dow Jones recording the next highest increase at 11.2 percent. This was followed by the S&P/NZX 50 Capital Index increasing by 10.5 percent and the ASX All Ords increasing by 9.7 percent in terms of market capitalisation during the quarter ending 31 March 2019.

Corporate finance partner Scott McClay says the “Top 4” companies collectively increased market capitalisation by $3,333.9 million (17.8 percent) during the March 2019 quarter, with all four participants recording increases.

“The market appeared to respond favorably to half-year reporting announcements from a number of the largest companies on the Index during the period,” says Mr McClay

“Meridian Energy recorded the largest percentage increase of the Top 4 participants, increasing by $1,999.2 million (22.9 percent), followed by Ryman Healthcare who recorded a $755.0 million (14.1 percent) gain. EBOS Group and Synlait Milk both recorded similar market capitalisation increases on a dollar basis however on a percentage basis Synlait Milk finished ahead increasing by $286.8 million (17.8 percent) and EBOS Group finished up $292.9 million (9.6 percent).”

On the other hand, the smallest 10 companies collectively declined, recording a $14.9 million (8.1 percent) decrease in market capitalisation, during the quarter ending 31 March 2019.

Outside of the Top 4, the Index’s best performers (in percentage terms) were Foley Wines Limited (up 17.1 percent), Pharmazen (up 14.2 percent) and New Zealand King Salmon Investments (up 13.6 percent) during the March 2019 quarter.

Conversely, the most significant declines outside the Top 4 during the quarter in percentage terms were SeaDragon (down 33.1 percent), Chatham Rock Phosphate (down 20.0 percent) and Silver Fern Farms (down 18.9 percent).

Four out of the seven sectors tracked recorded gains, with the Energy & Mining sector recording the largest increase of 22.9 percent in market capitalisation. At the other end of the scale, the Retail sector had a slower start to 2019, recording a 17.6 percent decrease in market capitalisation, followed by the Other and Technology Sectors which also declined by 7.1 percent and 1.7 percent respectively.

To see the full Deloitte South Island Index quarterly report, go to www.deloitte.com/nz/southislandindex.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>