The value of Western Australian listed companies rose by 9.6 per cent in January, as Australian markets continue to mirror commodities, new research says.
The Deloitte WA Index, released today, showed the market capitalisation of WA companies came in at $168.9 billion at the end of January.
Highlights of the month included Fortescue Metals Group growing its market capitalisation 18.3 per cent on the back of higher iron ore prices, and Woodside Petroleum rallying to rise 11.7 per cent in January on speculation it is looking to sell part of its stake in the $30 billion Browse LNG joint venture.
“Strong economic growth in China continues to fortify base commodity prices and provides protection for Australian resource-linked companies against global debt concerns,” Deloitte national mining leader Tim Richards said.
Resolute Mining, Range Resources and Azimuth Resources increased their market capitalisation by 68.8 per cent, 59.5 per cent and 54.5 per cent, Deloitte said.
Resolute closed the month with a market capitalisation of $1.3 billion, up $548 million; range Resources increased its market capitalisation over January by $119 million to come in at $319 million; while Azimuth grew by $103 million to $292 million.