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February growth for local stocks

WESTERN Australian stocks grew by $1.2 billion in market capitalisation during February to $67.8 billion, according to the Deloitte WA Stock Exchange Index. The 1.8 per cent increase was driven by the resources sector, with mining and oil and gas the stand-out performers. The index reported the big movers in the mining sector as Fortescue Metals Group, which grew by $241 million, and LionOre Mining International, up $228 million. The oil and gas sector was driven upwards through increases in Woodside Petroleum and Hardman Resources. Offsetting the increases in the resources area were decreases in the real estate and commercial services sectors. Engineering construction, maintenance and industrial service provider Monadelphous Group increased its market capitalisation by approximately 39 per cent to $227 million. The increase was attributed to a doubling of net profit during the six months to December 31 at $8 million. Other significant movers in February were Kagara Zinc, up nearly 32 per cent to $260 million in market capitalisation, and Mincor Resources, which was up over 23 per cent to $162 million.

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