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Local listings hit 484 and rising

THERE are 484 Australian Stock Exchange-listed companies that count Perth as their home exchange, a considerable jump from the 320 just three years ago.

WA’s stock market players make up about one quarter of the total of ASX companies.

Nearly 40 of those companies went onto the ASX boards in the six months to December 31 and another, Piquant Blue, was listed in January.

According to a survey by Deloitte Corporate Finance, WA also led the way in the number of initial public offerings in the half year to December 31, accounting for 45 per cent of all activity.

The bulk of the stocks going onto the boards have been in the mining area, although there have been a couple of biotechnology stocks, some technology companies and property players scattered among them.

The two property players, Acumen Capital Property and Aspen Group, raised $64.7 million and $25.9 million respectively and were counted as the largest floats to go from WA.

The average stock market raising was around $7 million, which equates well with share market lore that the bulk of WA’s listed players are small-cap stocks.

However, it should be noted that there are some heavy stock market hitters domiciled in WA, including Wesfarmers with its market capitalisation of about $10.5 billion, Alinta and Woodside.

Multiplex, with its $1.184 billion raising, is also based in WA, even if it calls Sydney its home exchange.

Deloittes partner Peter McIver said while the number of floats in WA was high, so too was the growth of the 50 largest companies that claim Perth as their home exchange.

“When we started doing our WA Index in May 2001, a market capitalisation of about $40 million was enough to get into the top 50,” he said.

“That has changed now.

“Now the necessary market cap is around $100 million.”

Analyst Peter Strachan said the increase in the number of listed companies out of WA also included some reborn offerings.

“These are a few companies that have come out of companies that have died,” he said.

“While we’ve had a good run with listings there have been some companies that have moved away.

“Working Systems Solutions [while still listed in WA] has moved and so has United Group.

“Foodland is hanging on here by the skin of its nails.”

 

“While we’ve had a good run with listings there have been some companies that have moved away.”

-         Peter Strachan

 

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