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Deloitte SA Energy & Resources Index continues to outperform S&P/ASX indices


3 April 2012:  The Deloitte South Australian (SA) Energy &Resources (E&R) Index has again outperformed relative to the equivalent S&P/ASX benchmark indices – this time for the three months to 31 January 2012.

Deloitte Corporate Finance Partner and leader of the firm’s South Australian energy and resources industry group, Adrian O’Dea, said the Index increased by 22.7% during the three-month period.

“The S&P/ASX Energy, Utilities and Metals & Mining Indices increased by 1.3% over the same period,” he said.

“This stronger performance is due to the performance of critical stocks such as Santos, by far the biggest South Australian company by market capitalisation, Flinders Mines and Beach Energy, along with rising commodity prices.

“The performance of the Index was even more pronounced if the impact of Santos is excluded, with the Index increasing by 47.0% over the three-month period.”

The Deloitte SA E&R Index also outperformed the S&P/ASX Indices for the 12 months to 31 January 2012. It increased 27.2% (63.3% if Santos is excluded), compared to a 7.4% decrease in the S&P/ASX Indices

Market capitalisation increases

During the three-month period, the total market capitalisation of South Australian listed E&R companies increased by $1.992 billion – from $15.227 billion to $17.219 billion

Major contributors included:

  • Flinders Mines, with its share price is likely to have increased following the November 2011 announcement of a proposed $544m takeover bid by Magnitogorsk Iron and Steel Works OJSC (MMK);
  • Santos, with its share price likely to have increased following announcements in January 2012 that its Indonesia Wortel gas field would begin production by the end of that month, and December 2011 following a major milestone for its Dampier to Bunbury Natural Gas Pipeline project); and
  • Beach Energy, with its share price rise likely due to its acquisition of Adelaide Energy and the January 2012 announcement that development drilling had been successful at its Growler-11 oil field.

Market capitalisation decreases

The most significant negative contribution to the Index was Ramelius Resources. Its share price may have decreased due to December 2011 announcement of its purchase of the Barlee gold resource from Beacon Minerals.

Additions, Removals and IPOs

The Deloitte Index is based on the market capitalisation weighted share price performance of 39 South Australian listed E&R companies.  

Two companies were removed during the three- month period – Adelaide Energy, which was delisted following its takeover by Beach Petroleum, and Geothermal Resources, which was delisted following its takeover by Havilah Resources NL.

There were no IPOs or additions to the Index during the period.

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Simon Rushton
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