Turmoil in the global equity markets at the start of 2016 failed to overshadow the performance of listed companies with South Island links, their collective market capitalisation rising 6.8% or $1.12billion for the quarter to March.
Of the 30 listed companies tracked on the quarterly Deloitte South Island Index, 14 rose in market capitalisation, 14 declined and two were unchanged.
Scott McClay, Deloitte's corporate finance partner in Christchurch, said all sectors except property contributed to the increased index, but the movement was evenly split between increases and declines on an individual company basis.
The Deloitte index's 6.8% quarterly gain outperformed the benchmark indices with the S&P/NZX 50 Capital Index growing 5.2%, the Dow Jones up 1.5% and the ASX All Ords falling 3.6% during the quarter March .
For the year to March, the Deloitte South Island Index increased $3.29billion, or 22.9%.
Mr McClay said fears of a global equity market downturn impacted local markets in the initial weeks of the year, but those fears waned over the quarter as South Island listed firms built on the strong growth seen in the quarter to December.
"The jumbled performances affected businesses of all sizes in all sectors, with the positives outweighing the negatives.
"It is a continuation of the volatility of 2015, where mainland companies demonstrated their ability to successfully negotiate challenges that arise,'' Mr McClay said in a statement.
He said of the top three companies on the index, Meridian Energy grew the most in dollar terms, increasing its market capitalisation by $589.5 million, or 9.6%, for the quarter.
In Meridian's half-year results, it reported gains in key areas compared with the previous year, he said.
In percentage terms, the best performer among the top three companies was Ebos Group, which grew by $522million, or 25.1%.
Mr McClay noted Ebos' interim results for the six months to December revealed revenues of $3.4billion and after-tax profit of $64.2million, growth of 8.3% and 18.9% respectively on the previous year.
Ryman Healthcare, usually a firm favourite in many previous index ratings, was one of the decliners during the latest quarter, but managed to stay in the top-three bracket.
Mr McClay said Ryman was "the odd one out of the top three'', the company undergoing a $75million, or 1.8%, decline in market capitalisation,
its share price dropping 15c to $8.35 per share.
Dunedin-based Pacific Edge had a positive quarter, its market capitalisation growing $56.5million, or 28.9%, during the quarter with its share price increasing 15c to $67c.
Pacific Edge had launched a third new product, Cxbladder Monitor, and also announced a new commercial partnership with Tolmar Australia, a specialised uro-oncology company, plus entered into a commercial agreement to provide the Cxbladder diagnostic technology to the Canterbury District Health Board.
Heartland Bank underwent the largest decline, its market capitalisation falling $51.9million or 8.3%, to end the March quarter at $573.3million.
Mr McClay said Heartland's share price suffered a drop during the first half of the quarter, but recovered half of that decline in the back end after it announced its six-month result.
Skellerup Holdings also experienced a drop during the quarter, falling $44.3million, or 15.2%, after its share price fell 23c to $1.28.
Mr McClay said PGG Wrightson was another primary sector company whose market capitalisation fell, by $11.4million, or 3.6%.
