PERTH-EXCHANGE listed company pSivida has led the way in mid cap share price growth for the first quarter, according to a survey by stockbroker Intersuisse.
The survey covered the Intersuisse 150 Industrials Index.
In the first three months of 2004 pSivida grew its share price by 98.1 per cent.
That gain comes on the back of its announcements regarding developments of its BioSilicon products, a manufacturing agreement for its first product and a further US patent in drug delivery.
The company also announced that it had placed 19.3 million shares at $US0.80 to raise $21 million, before costs, with large US and European institutions.
Other WA listed companies to make gains were Cape Range Wireless, up 31.8 per cent; Fleetwood Corporation, rising 19.2 per cent; Monadelphous Group, up 16.5 per cent; Integrated Group, increasing 15.5 per cent; Austal, rising 9.4 per cent Coventry Group, up 7.3 per cent and Kresta Holdings adding 3.3 per cent.
Listed wine group Evans & Tate finished the first quarter where it started it on a share price of $1.14.
The largest falls in the WA listed companies were Clough and the Gribbles Group.
Clough’s fall of 29.3 per cent for the first quarter is a concern when compared to competitor Monadelphous’ 16.5 per cent rise.
Gribbles Group fell 28.3 per cent.
Other companies to fall were Concept Systems International, dropping 17.2 per cent; Lynas Corporation, shedding 13.8 per cent; IiNet down 13.4 per cent despite its recent acquisition of Froggy; Orbital Engine Corporation dropping 6.3 per cent; Genetic Technologies down 6.3 per cent; and Schaeffer Corporation trimming 1.6 per cent.
The 150 Index rose 4.7 per cent for the first quarter of 2004, slightly more than the All Ordinaries Index, but well below the gains the sector made in the third quarter of 2003.
March, however, was a slow month for the mid caps but proved to be a boon for the bigger players on the All Ordinaries, which set a new record.
Intersuisse manager of research Peter Russell said a strong local and global economy had contributed to the confidence being seen in the stock market.
"Low interest rates have contributed to higher profits which, in turn, has increased investor confidence," he said.
"Much of this investment has been targeted at larger companies but there has been a trickle down effect to the smaller companies.
"I don’t believe we’ll see a repeat of last year’s gains but there are plenty of profits to be made with judicious stock picking."
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