Contact: David Hill
Deloitte
Partner - Corporate Finance
+61 (0) 8 8407 7181

Contact: Jason Handel
Deloitte
Partner - Assurance & Advisory
+61 (0) 8 8407 7148

Contact: Stephen Adams
Deloitte
Associate Director - Corporate Finance
+61 (0) 8 8407 7025

Contact: Manon Nolan
Deloitte
Media Liaison
+61 (0) 8 8407 7131

South Australian ASX listed companies underperformed against the S&P/ASX 200 benchmark for the three months to 30 September 2007 according to the latest Deloitte SA Index released today.

The SA Monthly Index compiled by Deloitte is based upon publicly available information provided by the ASX and utilises the market capitalisation weighted share price performance of each South Australian listed company.

Deloitte Corporate Finance Partner, David Hill said the Deloitte SA Index decreased by 11.3% in the three months to 30 September 2007, compared to the S&P/ASX 200, which increased by 4.7% over the same three month period.

“Despite the Deloitte SA Index underperforming against the S&P/ASX 200 index, a number of companies enjoyed market capitalisation weighted increases in their share price during the quarter.

"Conversely we also saw a drop in the share price performance of a number of SA listed Resource companies.”

Energy, Infrastructure and Resources (EIR) Partner, Jason Handel said significant share price gains experienced by a number of South Australian listed Resources companies in the 2nd quarter of 2007 have now been largely unwound on the back of an increasingly cautious market.

“Coming off its peak performance recorded in June 2007, the SA EIR index experienced a significant correction during the September quarter.

"Constituents of the SA EIR index significantly underperformed during this quarter, resulting in an index reduction of 27.5%.

“However, Santos did not follow the industry trend and achieved an 8% share price increase on the back of positive market sentiment that the 15% ownership cap may be removed, coupled with  announcements concerning it’s oil and gas production contributed to Santos’ strong performance,” Mr Handel said.

Corporate Finance Associate Director Stephen Adams said South Australian listed companies have significantly outperformed the market overall on a longer term basis.

“For the 12 months to 30 September 2007, the Deloitte SA Index outperformed against the S&P/ASX 200, increasing by 49.8% compared to the S&P/ASX 200’s 27.4% increase.”

SA EIR Companies still remain as the star performers over the 12 month period, with the Deloitte SA EIR Index, excluding and including Santos, increasing by 114.6% and 74.8%, respectively.