Big movers boost Deloitte WA Index

THE Deloitte WA Index, which measures the performance of Western Australia’s 100 largest publicly listed companies, grew by 2.2 per cent in March thanks largely to a $1.4 billion increase in Woodside Petroleum’s market capitalisation. The increase in Woodside’s value resulted in the local petroleum giant stealing Wesfarmers’ spot on the Top 100 WA listed companies table. Deloitte partner Peter McIver said oil and gas stocks predominantly drove the market, with metals prices falling off. “During March, base metal prices weakened, with nickel decreasing 2.5 per cent and gold falling 1.8 per cent. The oil price rose to $US54 a barrel,” he said In contrast to the rise in the WA index, the ASX All Ordinaries Index fell by 1.3 per for the month. Mr McIver said the Deloitte WA Index had outgrown the ASX All Ordinaries in recent times. “In the last 12 months, the Deloitte WA Index has grown by 36.78 per cent versus growth in the ASX All Ordinaries of 20.04 per cent,” he said. The largest WA Index movers in March were Chemeq, which increased by $26.5 million to $147 million, and Bemax Resources, up $28.8 million to $140 million. In March, Chemeq issued $40 million in convertible bonds to investment banks, while Bemax announced the execution of a $108 million project facilities agreement to construct and develop the Pooncarie project in NSW.

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