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Deloitte SA Index underperforms ASX 200 in March 2012 quarter


10 May 2012: The Deloitte South Australian (SA) ASX Index increased by 6.3% during the three months to 31 March 2012. This compared to an increase of 20.0% in the previous quarter.

Deloitte Corporate Finance Partner Adrian O’Dea said: “The March quarter for the Deloitte Index’s 72 South
Australian listed companies was slightly weaker compared to the S&P/ASX 200 Index, which increased by 6.9% in the same period.”

“Over the 12 months to 31 March, the Deloitte SA Index increased 6.6% while the ASX 200 has decreased 10.4%.”  

Major SA ASX company movements

Santos was the largest positive contributor to the Deloitte SA Index in the March 2012 quarter, with its share price increasing by 8.2% as oil prices increased.

Boart Longyear experienced share price increases in the quarter after recording an 89% increase in earnings per share. The company contributed 3.6% to the Index.

Beach Energy was also a significant contributor, with the company’s share price performance continuing to be driven by its takeover of Adelaide Energy and a strong net profit result. Beach Energy contributed 1.3% to the Index.

On an absolute share price performance basis, the companies that recorded the largest percentage share price increases in the March 2012 quarter were:

  • Core Exploration (up 252.9%)
  • Archer Exploration (up 195.7%)
  •  Sundance Energy Australia (up 90.4%).

The companies that recorded the largest percentage share price decreases for the quarter were:

  • Mnet Group (down 36.0%)
  • Earth Heat Resources (down 35.9%)
  • ERO Mining (down 35.7%).

Initial Public Offerings, Index Additions and Removals

Two companies were added to the Deloitte SA Index in the quarter:
• Meridien Resources, which changed its registered address to South Australia
• Redgum Resources, which floated on the ASX in the quarter.

As a result of takeovers in the previous quarter, the following companies were removed from the Index on 31 December 2011:
• Adelaide Energy, which was taken over by Beach Energy
• Geothermal Resources, which was taken over by Havilah Resources.

Two companies entered administration in the quarter and so were removed from the Index:
• Coonawarra Property Trust on 15 March 2012
• Prince Hill Wines on 26 March 2012.

Two companies were also removed from the Index from the last quarter due to changing their registered office address:
• Novarise Renewable Resources International
• Reclaim Industries Limited.

The full Deloitte SA Index and a full company-by-company breakdown can be found in the attached media release. 

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Simon Rushton
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National Manager Corporate Affairs and Communications
Tel: +61 2 9322 5562; M: +61 450 530 748
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