South Island Index: 18th edition
Welcome to the 18th Edition of the Deloitte South Island Index. In this edition we reflect on the performance of South Island listed companies during the quarter to 30 June 2012.
The New Zealand economy started 2012 on a strong note - highlighted by the stronger than expected GDP growth in the first quarter. This was reflected in the results of the Deloitte South Island Index, which started the year off with an impressive 7.1 percent gain in the quarter to 31 March 2012. Unfortunately, the markets failed to sustain this initial resilience and the Deloitte South Island Index increased by only 0.6 percent in the second quarter to 30 June 2012. Despite the slower second quarter – the Index is still up 7.7 percent up for the first half of the 2012 calendar year.
Paul Munro, a corporate finance partner in Deloitte’s Christchurch office, says the Eurozone debt crisis has continued to dominate the global economic outlook restraining market confidence making it a tough quarter for investors.
Despite slower growth, the performance of the Deloitte South Island Index during the June quarter fared well against our benchmark indices, with the Dow Jones down 2.5%, the NZX 50 down 3.1% and the ASX All Ords declining 6.4% in the quarter.
“The performance of the index in this quarter underscores the resilience of the region in the face of continuing tough global economic conditions,” Mr Munro says.
If you would like to speak to someone about the Deloitte South Island Index, please contact Paul Munro .