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Momentum continues for the Deloitte South Island Index

South Island listed firms collectively grew their market capitalisation by $1.3 billion (4.8 percent) in the quarter ending 30 June 2019

Christchurch, 1 August 2019 – The Deloitte South Island Index made gains for the second consecutive quarter, with the member firms collectively growing their market capitalisation by $1.3 billion (4.8 percent) in the quarter ending 30 June 2019.

All the other benchmark indices tracked also recorded increases in market capitalisation over the same period. The ASX All Ords led the pack growing 7.0 percent, followed by the S&P/NZX 50 Capital Index increasing by 5.5 percent and the Dow Jones recording the smallest gain of 2.6 percent in the quarter ending 30 June.

The ‘Top 4’ companies (each with market capitalisation in excess of $1 billion) collectively increased market capitalisation by $1,334.8 million (6.0 percent) during the June 2019 quarter, with two of the four participants recording increases.

Meridian Energy recorded the largest percentage increase of the Top 4 participants, increasing by $1,448.1 million (13.5 percent), followed by EBOS Group who recorded a $387.6 million (11.5 percent) gain in market capitalisation. Ryman Healthcare and Synlait Milk both recorded decreases in market capitalisation, falling $250.0 million (4.1 percent) and $250.9 million (13.2 percent) respectively in the quarter to 30 June 2019.

On the other end of the Index, the smallest 10 companies collectively grew during the quarter, recording a $350 million (20.8 percent) gain in market capitalisation.

Scott McClay, a corporate finance partner in Deloitte’s Christchurch office, is pleased to see the momentum continuing for the Deloitte South Island Index.

“It is especially pleasing to see how this momentum was spread across the companies on the Index, including with the smallest 10 companies, during a period in which general economic conditions have not been favourable,” says Mr McClay.

Outside of the Top 4, the Index’s best performers (in percentage terms) were BLIS Technologies (up 89.4 percent), Pharmazen (up 82.2 percent) and Chatham Rock Phosphate (up 32.1 percent) during the June 2019 quarter.

Conversely, the most significant declines outside the Top 4 during the quarter in percentage terms were Pacific Edge (down 30.0 percent), New Zealand King Salmon Investments (down 29.3 percent) and Marlborough Wine Estates Group (down 16.8 percent).

Three out of the seven sectors tracked recorded gains, with the Energy & Mining sector recording the largest percentage increase of 13.5 percent in market capitalisation. At the other end of the scale, the Primary sector recorded a 10.1 percent decrease in market capitalisation in the quarter ending 30 June 2019.

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

About the Deloitte South Island Index

The Deloitte South Island Index measures movements in market capitalisation, tracking the performance of 27 listed companies with a registered office and/or a substantial portion of their operations in the South Island.

About Deloitte in New Zealand

Deloitte New Zealand brings together more than 1300 specialist professionals providing audit, tax, technology and systems, strategy and performance improvement, risk management, corporate finance, business recovery, forensic and accounting services. Our people are based in Auckland, Hamilton, Rotorua, Wellington, Christchurch, Dunedin and Queenstown; serving clients that range from New Zealand’s largest companies and public sector organisations to smaller businesses with ambition to grow. Deloitte New Zealand is a member of Deloitte Asia Pacific Limited and of the Deloitte Network. For more information about Deloitte in New Zealand, go to our website www.deloitte.co.nz.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms and their affiliated entities are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

About Deloitte Asia Pacific

Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities provide services in Australia, Brunei Darussalam, Cambodia, East Timor, Federated States of Micronesia, Guam, Indonesia, Japan, Laos, Malaysia, Mongolia, Myanmar, New Zealand, Palau, Papua New Guinea, Singapore, Thailand, The Marshall Islands, The Northern Mariana Islands, The People’s Republic of China (incl. Hong Kong SAR and Macau SAR), The Philippines and Vietnam, in each of which operations are conducted by separate and independent legal entities.


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