Retail, mining lift stock index

REBOUNDS in the retail and mining sectors have lead a 13 per cent increase in the Deloitte Western Australian Index for the month of February, rising $73 billion to $82.5 billion.

The market capitalisation of Western Australia's top 100 listed companies in February bucked a global trend, increasing despite the drop in other major world indices.

"The strong growth in value for Woodside Petroleum Limited, Wesfarmers Ltd and Fortescue Metals Group Ltd contributed $7.5 billion to the value of the WA Index and represented 80 per cent of the gain for the month," Deloitte Perth office managing partner Keith Jones said

Wesfarmers increased in capitalisation by $5.32 billion, or 48.8 per cent, during February, of which $2.9 billion was added by way of new capital.

Fortescue Metals Group's market capitalisation rebounded strongly in February, up a significant $2.74 billion, or 55.7 per cent.

Movers and shakers during February within the Deloitte WA Index included Emeco Holdings, Mantra Resources and Resolute Mining, with the market capitalisation of each company increasing by 76.5 per cent, 73.3 per cent and 66.6 per cent respectively.

All major world indices fell in February.

The US S&P 500 was the hardest hit falling 10.9 per cent, followed by the FTSE, Nikkei and Australian All Ordinaries, recording losses of 7.9 per cent, 5.3 per cent and 5.2 per cent respectively.

Commodities recorded mixed movements during the month.

The prices of copper and platinum continued to rise, increasing by 9.7 per cent and 8.7 per cent respectively.

Nickel prices dropped 11 per cent as stainless steel makers ran down inventories.