There is an old adage that New Zealand's stockmarket is a poor proxy for the real economy.

The lack of listed agricultural exporters on the NZX and the dominance of small unlisted companies on the local business landscape account for the disconnect.

But looking at the big corporate results making headlines this reporting season, that doesn't hold so true any more.

Five of the biggest companies on the exchange reported last week - Spark, Fletcher Building, Air New Zealand, Auckland Airport and a2 Milk.

Report reveals the size of Spark's sports rights splurge