22 Nov 2011

Sth Island performance index tumbles

6:09 am on 22 November 2011

An index tracking the performance of South Island-based companies tumbled again, as nervousness rocked global markets.

The Deloitte South Island Index tracks 30 listed companies based in the South Island, including Ryman Healthcare, Kathmandu and PGG Wrightson.

The index lost $545.5 million, or 10% of market capitalisation, in the three months to the end of September.

The quarterly fall mirrored that of other benchmark indexes, including the ASX which fell almost 13%, the Dow Jones which fell 12%, and the NZX which fell 3%.

The South Island index's top two companies, Ryman Healthcare and Bathurst Resources, accounted for nearly three-quarters of the loss in market capitalisation.

Other big falls came from Windflow Technology and the New Zealand Wine Company.

Scott Technology was the strongest performer in the quarter after a successful rights issue.

The index's market capitalisation now stands at $4.69 billion and is 1% higher than a year ago.