Deloitte Queensland ASX and Queensland Energy and Resources Indices
Local companies steady compared to All Ordinaries. Energy and Resources sector ahead of the national gameDOWNLOAD
24 October 2011: The 88th edition of the Deloitte Queensland Index (comprising 214 Queensland ASX listed companies) remained steady during September, compared to the ASX All Ordinaries which decreased 6.9% over the same period. For the 12 months to 30 September, the Queensland Index decreased 1.0%, compared to a decrease of 12.2% for the All Ordinaries.
Deloitte Corporate Finance Partner, Robin Polson, said the outperformance of the Queensland Index as a whole could be attributed largely to the resilient performance of the state’s top four ASX listed companies – Suncorp Group Limited, QR National Limited, Macarthur Coal Limited and New Hope Corporation Limite
“During September, 41 companies increased their market capitalisation, 140 decreased their market capitalisation and the remainder were steady, with the combined performance holding up well compared to the ASX All Ordinaries,” he said.
The most significant positive movement in market capitalisation on the Queensland Index came from New Hope Corporation Limited, which increased by $257 million (6.1%) as a result of the company’s FY11 net profit of $503 million, up 173.7% on the previous year.
Virgin Blue Holdings Limited was another significant mover in terms of increased market capitalisation, up $66 million (10.3%).
PanAust Limited experienced the largest decrease in market capitalisation during September 2011– a decrease of $653 million (30.2%) – which reflected a nervous market after global copper and gold prices fell during the month.
Other companies that experienced significant market capitalisation decline included: Aston Resources Limited (down $327 million, 13.7%); Campbell Brothers Limited (down $316 million, 10.1%); and Intrepid Mines Limited (down $313 million, 39.2%).
Deloitte has also released its quarterly Queensland Energy and Resources (E&R) Index, a summary of the performance of Queensland ASX listed companies within the energy and resources industries.
During the September 2011 quarter, the E&R Index increased 24.2%, while the ASX All Ordinaries decreased 12.7% over the same period. In the 12 months to 30 September 2011, the Deloitte Qld E&R Index increased 23.8%, compared with a 12.2% decrease for the ASX All Ordinaries.
There are currently 97 companies listed on the Deloitte Queensland E&R Index. Of these, 33 enjoyed an increase in market capitalisation during the quarter, while 58 decreased and the remainder were steady.
The most significant positive movement in market capitalisation during the September 2011 quarter came from Macarthur Coal Limited. Its market capitalisation increased $1.5 billion (45.4%) after the Board recommended to shareholders a revised joint takeover offer from Peabody Energy Corporation and ArcelorMittal which valued the company at $4.73 billion. Macarthur also released its FY11 results during the quarter, with a net profit of $326 million, up 88.5% on FY10. The company has now moved to number one on the E&R Index.
Other significant market capitalisation increases over the quarter included: Aston Resources Limited (up $266 million, 14.8%); and Bow Energy Limited (up $207 million, 65.3%).
The largest decrease in market capitalisation during the September 2011 quarter came from Bandanna Energy Limited, which decreased $425 million (53.5%). Other companies to experience significant market capitalisation declines included: Linc Energy Limited (down $472 million, 32.7%); and Intrepid Mines Limited (down $254 million, 34.3%).