22/12/2008 - 13:52

WA stocks lose $17bn in November

22/12/2008 - 13:52

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The market capitalisation of Western Australian listed companies shed $17 billion in November as uncertainty surrounding China's future growth and falling commodity prices continued to add pressure.

WA stocks lose $17bn in November

The market capitalisation of Western Australian listed companies shed $17 billion in November as uncertainty surrounding China's future growth and falling commodity prices continued to add pressure.

According to the November issue of the Deloitte WA Index, the market capitalisation of WA stocks fell 18 per cent to $74.6 billion at the end of last month.

Similar to October, mining stocks contributed heavily with the sector's market capitalisation down 25.98 per cent.

During November, nickel prices fell 15.4 per cent to $US10,095 per tonne, lead plummeted 27 per cent to $US1094.50/t, and copper dropped 12.34 per cent to $US3595/t.

Oil prices shed 19.73 per cent to $54.43 per barrel.

Conversely, gold prices gained 12.9 per cent to $US818.05 per ounce, zinc climbed 10.52 per cent to $US1210.75/t and the uranium price was 22.22 per cent to $US55 per pound.

Deloitte named Tanami Gold, uranium explorer Bannerman Resources and newest gold producer Apex Minerals as the movers of the month, with their market capitalisations gaining 266.7 per cent, 107.1 per cent and 36 per cent respectively.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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