06/06/2012 - 14:42

WA companies lose value in May: Deloitte

06/06/2012 - 14:42

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The value of Western Australian listed companies dipped by $18.7 billion over the month of May, mirroring the downward pressures on global financial markets, new research says.

Deloitte’s WA index put the total market capitalisation of WA’s listed companies at $145.5 billion at the end of May, down 11.5 per cent on the previous month.

Deloitte national mining leader Tim Richards said the fall was driven largely by decreases in commodity prices, continued speculation regarding Greece’s potential exit from the Euro and concerns surrounding Spain’s beleaguered banking system.

Just eight companies within the WA Index Top 100 experienced gains over the course of the month, with Buru Energy, Noble Mineral Resources and Cash Converters the top movers and shakers, Mr Richards said.

Buru increased its market cap by 22.3 per cent, Noble 14.1 per cent and Cash Converters by 4.3 per cent in May.

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