Winners and Losers: SA’s top company rises on gas deal
State election announcements gassed up one of the state’s largest companies while a game developer saw a surge. See last week’s stock market movements.
The state government’s announcement that it has secured long-term domestic gas supply for the Whyalla Steelworks shot SA’s top company Santos up more than 5 per cent on Friday.
While it didn’t crack into the top Winners list of the week, it is hovering around year-to-date highs of close to $7 per share.
Santos will supply 20 petajoules of gas each year for 10 years to the South Australian Strategic Gas Reserve. This is equivalent to a third of the state’s entire annual gas usage across the residential, commercial and industrial sectors.
The state government said this gas would have otherwise been sold to overseas markets. It will be used at the Whyalla Steelworks and would be “pivotal for potential buyers of the steelworks”
Winner of the week was video game developer Fortifai, which rose by 53.57 per cent after raising $5 million via a strategic placement.
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While not SA-based, BHP also enjoyed gains over the past five days on its half-year results. Its strong figures represented the growing contribution of copper – dug up in SA – to its overall takings. Copper is now a bigger business for BHP than iron ore.
Resolution Minerals, meanwhile, fell by nearly 13 per cent to take the top spot in the Losers list.
The full list of Winners and Losers for the week ending 20 February:
Data via Baker Young Limited analysts.
