Winners and Losers: SA gas giants slide as govt shores up reserves
The state’s two big gas players saw their shares slide last week after the federal government made a big move regarding the nation’s fuel reserves.
Both Santos and Beach Energy saw their shares fall by about seven per cent over the last trading week, with the biggest declines happening after the federal government announced a new gas reservation policy.
The policy will force gas giants to save 20 per cent of their export volumes for the Australian market.
And over the weekend, the South Australian government announced it had secured a strategic reserve of up to 20 million litres of diesel to boost the state’s fuel security via a partnership with bulk fuel supplier IOR.
Neither Santos nor Beach landed on the Losers list, but Santos lost about $500 million in value over the last trading week as a result of the share price decline.
Another company not featuring in the Losers list but worth mentioning was tech giant Codan, which saw its shares fall by seven per cent after South Australian philanthropist Pamela Wall sold 23 per cent of her significant holding in the company.
This equated to eight million shares at $39 per share, with the funds predominantly used to make donations through her foundation.
Meanwhile, Adelaide-based, US-focused oil and gas producer Otto Energy was the week’s biggest Winner, rising 20 per cent over the trading week despite oil prices shedding seven per cent for the week and dipping back below US$100 a barrel on optimism around the Iran war. The company is up almost 50 per cent over the year despite the ongoing chaos in global oil markets.
Other Winners included mining companies PTR Minerals (up 15 per cent), Power Minerals (up 13.64 per cent) and Andromeda Metals (up 12.50 per cent).
The Losers list was led by Sparc Tech, which while down this week remains up by 97 per cent over the past year.
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H3 Energy (down 20 per cent), Orbminco (down 12.50 per cent), Fortifai (down 12.50 per cent) and Iondrive (down 11.54 per cent) rounded out the Losers list.
The full list of Winners and Losers for the week ended May 26:
Data via Baker Young Limited analysts.
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