South Island Index: On track for growth? (6th Edition)A review of the performance of South Island listed companies during the June 2009 quarter |
In the three months to June 2009, South Island companies recovered some of the ground lost over the past year with the 32 companies on the South Island Index increasing their market capitalisation by $299 million (+10.5%).
The “glimmer of optimism” that flickered for the South Island in the March quarter continued to shine into April and May, although a four per cent decline in June went some way to dulling the optimism. To put it in perspective, the overall value of the companies on the Index is more than $1.2 billion behind where it was tracking in June 2008.
Across the second quarter of 2009, the South Island Index outperformed the broader NZX with respective gains of 10.5% and 7.9%. Out of the 32 companies benchmarked, 19 either held or increased in value, while 13 declined.
It was something of a surprise that Retail was the quarter’s best performing sector, led by double-digit share increases from Smiths City (+15.2%) and Postie Plus (+32.3%). With the exception of Technology (-9.8%) and Ports (-4.6%), each sector made a gain across the current quarter. The Primary sector is once again the largest South Island Index sector by value, reclaiming top spot from the Development sector by the slimmest of margins.
If you would like to speak with someone about the Deloitte South Island Index, please contact Paul Munro.
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South Island Index
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