Deloitte WA Index declines in July

For the first time since September 2006, the market capitalisation of Western Australian listed companies on the Deloitte WA Index decreased by 5.3 per cent, closing at $157 billion in the month of July.

Deloitte Perth Office Managing Partner Keith Jones said the decrease was due to the market responding to declines in the US and London share markets."In July, concerns over US credit markets started to impact on Australia," Mr Jones said.

The exception to the downward trend in July was Gindalbie Metals Ltd, up a staggering 53 per cent or $240 million.
"Gindalbie Metals Ltd is the leader in July's Deloitte WA Index Movers and Shakers, as a result of a number of promising announcements by the company about upgrades in resource tonnage at both the Karara Magnetite Deposit and Mungada Hematite Project, coupled with a recent strategic investment in the company by JV partner Ansteel Iron & Steel Group Corporation," Mr Jones said.

Other Deloitte WA Index July movers and shakers are Apex Minerals up 49 per cent, or $80 million, and CuDeco Limited up 37.4 per cent or $103 million. Anvil Mining Ltd increased $266 million to $1,340 million, United Group Ltd was up $535 million to $2,841 million and Equinox Minerals up $443 million to $2,595 million.

During July, all indices decreased with the Deloitte WA Index down 5.3 per cent, the Nikkei down 4.9 per cent and the FTSE decreasing by 4.7 per cent. The All Ordinaries and the US S&P 500 both fell by 1.9 per cent.

Over the last 12 months the Deloitte WA Index has increased by 53.51 per cent. In comparison, increases over the last 12 months for all other indices were All Ordinaries 24.82 per cent, US S&P 500 15.28 per cent, the FTSE andthe Nikkei by 6.01 per cent and 111.59 per cent respectively.