06/07/2009 - 10:15

Value of WA listed firms rise by $6.7bn

06/07/2009 - 10:15

Bookmark

Upgrade your subscription to use this feature.

Listed companies in Western Australia have continued their strong share price rebound in June, driving the Deloitte WA Index up by nearly 6 per cent or $6.7 billion.

Value of WA listed firms rise by $6.7bn

Listed companies in Western Australia have continued their strong share price rebound in June, driving the Deloitte WA Index up by nearly 6 per cent or $6.7 billion.

The latest result continue the monthly gains made by WA stocks since February this year, including five consecutive months of growth to date in the market capitalisation of the state's top 100 ASX-listed companies.

Deloitte Perth managing partner Keith Jones said the Index had risen $6.7bn in June.

"This means the WA Index has climbed from a low of $72.4bn in November 2008, to $118.6bn at 30 June 2009 - a rise of $46.2bn or about 64%," Mr Jones said.

"The growth in the WA Index for June has again been primarily driven by the rebound in the mining sector, which increased by $4.6bn for the month. Wesfarmers was also a strong contributor increasing by $1.3bn," said Mr Jones.

Movers and shakers for the month included Red Fork Energy, Fortescue Metals Group and Mantra Resources with the market capitalisation of each company increasing by 76.2 per cent, 44.7 per cent and 41.5 per cent respectively.

Red Fork's increase followed the completion of multiple intervals within existing oil wells at their East Oklahoma project, while the market capitalisation of Mantra rose following the announcement that the scoping study for the Nyota prospect in Tanzania.

Fortescue increased its market capitalisation in June by $3.6bn. This followed the announcement by BC Iron of an agreement with Fortescue to establish a Joint Venture to develop BC Iron's Nullagine iron-ore project in the Pilbara.

Fortescue also announced in June that they had signed a cooperation agreement with Aquila Resources to investigate the potential for a shared development of port facilities at Anketell Point.

The major world share indices performed well in June, with the exception of the FTSE 100 which experienced a decline of 3.4 per cent for the month. The Nikkei experienced the largest gain of 4.6 per cent, followed by the Australian All Ordinaries and US S&P, with increases of 3.5 per cent and 2.2 per cent, respectively.

The commodities market in June had mixed results, with large gains made by aluminium, nickel, uranium and lead, up 13.5 per cent, 10.2 per cent, 7.8 per cent and 7.4 per cent respectively. Prices for silver and gold suffered large declines of 13.6 per cent and 5.4 per cent respectively.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options