In April 2006, the Deloitte WA Index's total market capitalisation exceeded the $100 billion mark for the first time, with an increase from $97.
In April 2006, the Deloitte WA Index's total market capitalisation exceeded the $100 billion mark for the first time, with an increase from $97.9 billion to $103.2 billion.
In April, the total value of listed WA companies on the Deloitte Index grew 5.4%, or $5.3 billion, which is significantly higher than the ASX All Ordinaries growth of $2.4%.
In the last 12 months, WA companies have experienced total growth of 58%.
Deloitte Perth Office Managing Partner Mr Keith Jones said that the main driver for April 2006 was the Mining sector attributing market capitalisation growth of $2.8 billion.
"Fortescue Metals Group continued its strong growth, reaching a market capitalisation of $1.95 billion to become the 5th largest company in WA," Mr Jones said.
Since May 2000, mining companies included in the Deloitte WA Index have experienced a total growth of 473%.
Kagara Zinc is on the verge of becoming the next $1 billion company in Western Australia, with a current market capitalisation of $825 million.
Wesfarmers experienced its strongest month since May 2005 with a market capitalisation increase of $500 million to $13.6 billion at 30 April 2006.
This month's Deloitte WA Index focuses on gold, due to its 12% price increase over the past month. Since April 2002, gold has outperformed all major Indices with the exception of the WA Index.
In April, key movers were gold producers St Barbara Ltd and Kingsgate Consolidated NL, and gold explorer Barra Resources Ltd, which have all benefited from the increasing gold price.
In the 12 months to April 2006, the total market capitalisation of gold companies, classified by Bloomberg as all companies with gold operations, regardless of significance, increased by $7.5 billion or 121% to $13.7 billion.
"In the past year, Equinox Minerals grew 1578%, up $667 million, to achieve a market capitalisation of $709 million," Mr Jones said.
Other high growth gold companies over the past 12 months are Straits Resources (up $445 million), Perilya Limited (up $386 million), Centamin Egypt (up $341 million), Resolute Mining (up $313 million) and Gindalbie Metals Ltd (up $279 million).