09/02/2018 - 13:51

Market moves hit portfolio values

09/02/2018 - 13:51

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Altura Mining directors Allan Buckler and Paul Mantell and AusCann Holdings directors Mal Washer and Harry Karelis have been among a group of major Western Australian investors to have the value of their portfolios hit as markets have fluctuated in recent weeks.

Mal Washer had a long career in farming and in politics prior to his role at AusCann.

Altura Mining directors Allan Buckler and Paul Mantell and AusCann Holdings directors Mal Washer and Harry Karelis have been among a group of major Western Australian investors to have the value of their portfolios hit as markets have fluctuated in recent weeks.

Mr Buckler, who the Business News BNiQ Search Engine ranks as the 22nd biggest WA-based shareholder, suffered a drop of $31 million in the value of his Altura Mining shares in the past four weeks, to be $58.5 million.

Mr Mantell’s portfolio value fell $10.6 million to be $20 million.

Shares in Altura were worth 47 cents each on January 10, but have dipped to be 34.2 cents each as at the time of writing.

Nonetheless, the company’s Pilgangoora lithium project remains on schedule for completion during the the March quarter of this year.

At marijuana play AusCann Holdings, shares fell nearly 20 per cent to be $1.50 at the time of writing.

For former member of parliament Mal Washer, who serves as chair, that meant a reduction in portfolio value of about $5.1 million to $16 million, while Harry Karelis, who is a director of the business but has a range of other investments, saw a drop in value of $6.6 million to $25.3 million.

By comparison, the ASX 200 fell about 4 per cent in the past four weeks.

Two of WA's biggest investors, Fortescue Metals Group chairman Andrew Forrest and Seven Group Holdings executive chairman Kerry Stokes had large moves in their portfolios.

Mr Forrest, who owns a third of iron ore miner Fortescue, saw a dip in value of more than $400 million, with his shares now worth $5.1 billion.

Mr Stokes moved in the other direction, $131 million higher at nearly $3.4 billion.

The value of Mineral Resources founder Chris Ellison's portfolio fell 19 per cent to be $358 million.

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