South Island listed companies have failed to sustain the strong gains seen in the first quarter of the year.
Deloitte South Island Index shows just over half a percent gain in the June quarter compared to the 7.1 percent gain in the first quarter.
The index measures movements in market capitalisation, tracking the performance of 30 listed companies with a registered office or a substantial portion of their operations in the South Island.
Spokesman Paul Munro says the performance this quarter underscores the resilience of the region in the face of continuing tough global economic conditions.
The top performer was Heartland New Zealand, gaining $42.7 million.
Ryman Healthcare also had a strong quarter, gaining $40 million in market capitalisation.