While the top four companies each increased market capitalisation, the value of each share on issue, the smallest 10 companies were collectively down by $14.9 million.
For the last quarter to December, the gains of the previous two quarters were wiped out as more than $2.3 billion drained off the value of the Deloitte index, the decline of the top four companies reflecting global market forces, rather than specific company performances.
The index looks at 27 listed companies which have a substantial portion of their operations in the South Island.
Deloitte corporate finance partner Scott McClay said the top four companies collectively increased market capitalisation by $3.33 billion, or 17.8% for the quarter, all recording increases.
In total, the index rose by $3.23 billion for the quarter with capitalisation at $26.7 billion.
''The market appeared to respond favourably to half-year reporting announcements from a number of the largest companies on the Index during the period,'' Mr McClay said in a statement yesterday.
Of the top four companies, Meridian Energy recorded the largest percentage increase, up 22.9%, or $1.99 billion, followed by Ryman Healthcare which was up by 14.1%, or $755 million.
Synlait Milk finished ahead increasing by $286.8 million, or 17.8% and Ebos Group finished up $292.9 million, or 9.6%.
However, Mr McClay said the smallest 10 companies collectively declined, recording a $14.9 million, or 8.1%, decrease in market capitalisation for the quarter.
Outside the immediate top four, the most significant declines in percentage terms were SeaDragon, down 33.1%, Chatham Rock Phosphate, down 20% and Silver Fern Farms, down 18.9%, Mr McClay said.
Four out of the seven sectors tracked on the index recorded gains, the energy and mining sector having the largest increase with 22.9% gain in capitalisation, while the retail sector had a slower start to 2019, recording a 17.6% decrease in capitalisation.
