NZX listed companies in the South Island are starting to bounce back from a mid year slump according to analysis from Deloitte. The latest Deloitte South Island index for the September quarter showed listed companies in that region were up $348 million or 8.5% to a total market capitalisaiton of $4.45 billion, a rise of $891 million on one year earlier.

“The South Island has fared particularly well this quarter but it would be a brave man who would predict a similar increase in the year’s final quarter,” Deloitte corporate finance partner Paul Munro said. “It will be particularly interesting to see how the retail sector fares, following the quake last month and in the lead up to Christmas.

However, he said growth needed to be consistent over several quarters before it could be seen as a true recovery. Pike River Coal performed well, increased its market capitalisation $101 million. NZ Farming Systems Uruguay grew $51.3 million after Olam International’s takeover. Skellerup improved 38.2%, a rise of $50 million in its market capitalisation.

Kathmandu lost $30 million of its market capitalisation, 7% of its total, in the September quarter after tough trading conditions. The retail sector overall fell by 6.8%, making a decline of 22.3% in six months. Primary sector companies improved 19.9%.