Jul. 1--As a group, the shares of Utah's top publicly held companies performed surprisingly well during the first six months of 2009, despite the turmoil that continued to batter the nation's economy.

The Salt Lake Tribune /Bloomberg Index, which tracks the share-price performance of Utah's 27 largest and best-known publicly held companies, rose 1.7 percent, while the Dow Jones industrial average dipped 3.8 percent.

Unlike the Dow, which is made up of large, high-profile corporations, the Tribune /Bloomberg Index is made up primarily of what are known as small-cap companies. Such firms have a market capitalization (which is calculated by multiplying the number of shares a company has outstanding by its stock price) of $1 billion or less.

"It isn't unusual when the stock market begins to recover from a [major] downturn for small-cap companies to lead the way," said David Russon, president of Investment Management Consultants in Salt Lake City.

During the first half, the Utah index was boosted by the performance of such companies as Dynatronics Corp., up 106 percent; EnergySolutions, up 63 percent; and Nutraceutical International, whose shares have advanced 35 percent since the closing bell marking the end of 2008.

"Given where our shares started the year [at 31 cents], that 106 percent gain doesn't seem like that much," said Kelvyn Cullimore Jr., CEO of Dynatronics. "But we are happy with the company's performance."

He said Dynatronics, which manufactures and markets equipment used by physical therapists and sports medicine practitioners and whose shares closed Tuesday at 64 cents, expects soon to report its third consecutive profitable quarter.

Dynatronics shares were affected by the write-down of nearly $8 million in goodwill following the company's six acquisitions two years ago, Cullimore said. "When the recession hit, it was almost like a perfect storm for us. But lately, I think, investors are starting to take another look at us."

Shares of Utah's EnergySolutions, which disposes of nuclear waste at a landfill in Tooele County, closed Tuesday at $9.20, completing a gain of 63 percent so far this year.

Investors have recognized that EnergySolutions is a solid, stable and well-managed company, said Philip Strawbridge, EnergySolutions' chief financial officer.