04/05/2012 - 14:35

WA Index falls by 2.8 per cent

04/05/2012 - 14:35

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WA Index falls by 2.8 per cent

Poorer than expected growth from China reduced the market capitalisation of Western Australian listed companies by 2.8 percent in April, according to new research released today.

Deloitte’s WA Index put the total value of WA-listed companies at $164.2 billion for the month of April, the result of a deterioration in demand for commodities.

Deloitte national mining leader Tim Richards said low consumer and investor confidence was supported by inflation results over April, with the inflation rate of 1.6 per cent significnaly under the Reserve Bank’s two to three per cent target zone.

“The Australian market has been awaiting the much anticipated RBA rate cut, with the announcement on Tuesday to lower the cash rate by 50-basis points expected to help boost consumer confidence and business sentiment, as well as allowing Australian exporters to remain competitive,” he said.

Mr Richards said the biggest gainers for the month were predominantly resources based.

Straits Resources, CGA Mining and Medusa mining were among the largest movers, increasing their market capitalisation by 27.6 per cent, 16.7 per cent and 14.3 per cent, respectively.

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