SA’s top two companies burst through billion-dollar ceilings
It’s been a major payday for the state’s two leading companies as their values crash through the top end of the market.
Major investor support behind South Australia’s two top companies is driving their fortunes to breath-taking new heights with multibillion-dollar paydays this week.
The value of oil and gas company Santos shares hit the $9.30 mark yesterday making the locally headquartered business worth about $30 billion for the first time.
Santos is a multinational oil and gas producer and exporter, and employs 1100 South Australians across Adelaide, Moomba, Port Bonython and Whyalla.
It is a long-awaited milestone for the giant, which was named SA’s top company on Friday at the South Australian Business Index luncheon.
The share price closed at $9.32 yesterday, and has dropped slightly in this morning’s trade but remains at about $9.24 per share at the time of writing.
While the business has not made any major announcements that would account for the rally, elevated oil prices and tension in the Middle East could be supporting interest in the oil and gas company.
And it could keep rising; big banks Citi and UBS both think it could rise to $9.45 per share, implying a valuation of $30.6 billion for the resources business.
Meanwhile, the second-largest company in SA with 300 local staff – diversified technology business Codan – has hit its own milestone.
Codan shares are now worth $62.88 per share, meaning the company is now valued at more than $11 billion, with company CEO Alf Ianniello attributing the massive growth to the current global gold rush and demand for drones.
It has been an incredible bull run for the business that is headquartered in Mawson Lakes, which was worth $3.7 billion on June 30, 2025, and rose to $8 billion by June 30, 2026.
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In the four months since the end of last financial year, the company added another $3 billion to its valuation.
Macro trends around the surging gold price and ongoing conflict across the globe could very well continue driving demand for Codan’s niche but valuable products.
These include metal detectors that are popular amid a rising price of gold, and radio systems for drones that are being used in a variety of industries, but especially in defence applications.
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