Contact: Susanne Mulholland
Deloitte
Queensland Business Development Manager
07 3308 7107
Contact: Andrew Annand
Deloitte
Partner
07 3308 7216
Queensland’s listed companies have outperformed the Australian stock market and some of the world’s leading financial markets in the six months to October 2003, according to the Deloitte Queensland Stock Exchange Index (“Deloitte Qld Index”).
The inaugural Deloitte Qld Index released today shows the market capitalisation of Queensland’s listed companies increased by 24.7% in the six months to 31 October 2003, outstripping the 10.5% gain over the same period by the ASX All Ordinaries.
Buoyed by strong economic and population growth, Queensland companies also logged a more robust performance over the six months than both the Dow Jones Index (15.6%) and FTSE (9.2%).
Deloitte CEO, Giam Swiegers, a former managing partner of Deloitte’s Brisbane office who was in Brisbane for the launch of the inaugural publication of the Deloitte Qld Index, highlighted the continued health and buoyancy of the state’s publicly listed sector, despite several high profile takeovers and de-listings which had occurred over the past 12 months.
“Queensland’s vigorous economy will continue to support the growth of the state’s publicly listed companies,” Mr Swiegers said.
“Deloitte will publish the Deloitte Qld Index on a regular basis to assist these companies track their performance against their peers,” he said.
Deloitte Corporate Finance partner, Andrew Annand, who compiled the index, said “The strong performance of the Deloitte Qld Index compared to the ASX All Ords shows the market has recognised the strength and prosperity of many of Queensland’s listed companies,” Mr Annand said.
“While the banking and tourism/leisure sectors dominate the Qld Index, companies in the Healthcare/Biotech sector have also emerged as strong performers,” he said.
The market capitalisation of the companies in the Deloitte Qld Index had climbed to $22.6 billion by 31 October 2003, with the three largest industry sectors comprising about two-thirds of combined market capitalisation.
As at 31 October 2003, the three dominant listed industry sectors were banking (35.2%) tourism/leisure (21.7%) and retail (8.3%), which had registered combined market capitalisation of $14.7 billion, following growth over the past year of $2 billion (14% increase).
The market capitalisation of Healthcare/Biotech companies included in the index climbed $492 million to $966 million in the 12 months to 31 October 2003, representing an increase of 103.9%, the highest percentage increase of the index’s 11 sectors.
“Reflecting the state’s buoyant real estate market over the past year, the property sector registered the second highest growth of 86.3% to $749 million, followed by Developers and Contractors which rose 77.6% to $467 million,” Mr Annand said.
“In October the Deloitte Qld Index had pushed to its highest level since compilation started in September 2002, however, the latest gains had been impacted by the de-listing of Oil Company of Australia, following compulsory acquisition by Origin Energy.
“This delisting reduced the Index’s market capitalisation by around $500 million, and impaired overall growth of Queensland’s listed energy sector,” he said.
About the Index
The index is based on the market capitalisation of all companies with ASX home exchanges in Queensland and/or those with a substantial portion of operations located in the state.
Designed as a barometer of the vibrancy of the state’s listed company sector, the Deloitte Qld Index will be updated and distributed on a regular, on-going basis.
Deloitte Queensland Stock Exchange Index
For further information:
Andrew Annand
Partner
Deloitte
Tel: 07 3308 77216
Email: aannand@deloitte.com.au
Susanne Mulholland
Media relations
Tel: 07 3308 7107
Mob: 0410 045 622
Email: smulholland@deloitte.com.au
