South Island Index - 3rd EditionReview of performance for the September 2008 quarter |
South Island listed companies have succumbed to the worldwide upheaval in financial markets during the third quarter of 2008, according to the third edition of the Deloitte South Island Index.
The South Island Index experienced its first decline, falling by 15.2% in the third quarter. Overall, the Index’s value decreased by $676 million to a total market capitalisation of $3.78 billion. In contrast, the NZX 50 index was down just 3.3% in the quarter.
Up until this quarter the South Island had proven to be relatively well insulated against tightening market conditions, but this resilience gave way somewhat in the past quarter. It is a function of the tricky and unpredictable market – the volatility and uncertainty has started to bite.
Overall, despite the 15% reduction in the SI Index, a total of 53% of the companies in the Index recorded an increase in their market capitalisation this quarter.
With a 1% increase in market capitalisation, Ryman Healthcare enjoyed the largest increase in dollar terms and remained the South Island’s largest listed company ($805.0m) as at 30 September 2008. It was followed by PGG Wrightson ($462.9m) and new entrant Pike River Coal ($431.5m).
The Deloitte South Island Index is released throughout the year, tracking the performance of South Island companies on a quarterly basis. The Index provides investors, companies and the public with an interesting perspective on the financial markets of the Mainland.
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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