The market capitalisation of Western Australian listed companies which comprise the Deloitte WA Index increased by 2.5 per cent to close at $152 billion for the month of August.
The market capitalisation of Western Australian listed companies which comprise the Deloitte WA Index increased by 2.5 per cent to close at $152 billion for the month of August.
In a month when other major indices of the world weakened, the WA market bucked the trend, supported by strength in global commodity prices.
For August, the Index rose by 3.6 billion, continuing the strong growth of the last month of the financial year.
"This really is a remarkable performance in light of the lack of investor confidence that is plaguing the bank and financial markets," commented Keith Jones, managing partner of Deloitte WA.
The Deloitte WA Index has sustained growth for the month of August, led predominantly by miners such as Fortescue Metals Group and Andean Resources, with increases in market capitalisation of $1.1 billion and $998 million respectively.
The materials and energy industries were supported by a general increase in the price of most major commodities, including copper (1.12 per cent), iron ore (3.82 per cent) and zinc (2.25 per cent).
Uranium was the biggest mover among commodities in August, ending the month 12.9 per cent higher.
Speculation that Chinese buyers had started to increase uranium exposure as the country develops its nuclear generated power ambitions helped drive the price higher, as did news that one of the world's largest uranium producers, Cameco, had decided to restrict sales to the spot market.
The "Movers and Shakers" within the Deloitte WA Index for the month of August, were Tanami Gold, Exco Resources and Matrix Composites & Engineering.
Tanami Gold announced the successful completion of its $63.7 million pro-rata renounceable entitlements issue, which will aim to accelerate the development and exploration at the recently acquired Central Tanami Gold Project as well as strengthen the company's financial position by reducing external debt.
The company has also seen favourable results from updated mineral resource estimates for its Western Tanami Gold Operations, announcing an increase of 31 per cent to 554,700 ounces. As a result, the company achieved an increase in capitalisation of $108 million, to close the month of August at $175 million.
The market capitalisation of Exco Resources finished at $161 million for the month of August, representing an increase of $69 million.
Matrix Composites & Engineering's market capitalisation increased by $119 million in the month of August, closing at $313 million.