The Deloitte South Island Index of 30 listed companies has grown by a total of $1.27 billion in the past three years, but may now have stalled in the face of global market uncertainties.
The market capitalisation growth of $1.27 billion was underpinned by Ryman Healthcare, which contributed $840 million to the total.
Since March 2009, 17 of the 30 companies have grown. Seabed explorer Chatham Rock Phosphate had the largest percentage increase of 776% during that period.
Relative newcomer coal producer Bathurst Resources grew by $206 million, Skellerup Holdings was up by $196 million and EBOS Group was up $155 million.
Deloitte partner Paul Munro said while New Zealand's recession was "officially over", by technical definition, the growth of 2010-11 was now "stalled".
He said it was unknown if the stall was a short-term "blip" in recovery, a lag effect relating to world sovereign and market issues or the emergence of longer-term trend.
The standout sector for percentage growth was biotechnology. Dunedin-based Pacific Edge market capitalisation was up by $43.7 million, or 390%, as marketing and contracts for its bladder cancer diagnostic tool gained traction in several countries.
Notable falls since listing included would-be bank Heartland New Zealand, down $51 million, and Lyttelton Port of Christchurch, down $40 million in market capitalisation.
