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WA stocks outperform market in January

THE Deloitte WA Index, measuring the combined growth in market capitalisation of Western Australian companies, increased by $1.9 billion or 3 per cent in January. The total market capitalisation of WA companies included in the index grew to a record $65.8 billion at January 31 and outperformed the ASX All Ordinaries which increased by 1.4 per cent in the month. Deloitte partner Peter McIver said in a press release that the growth in the WA index was driven by a mixture of mining and industrial stocks. According to the index, more than 68 per cent of the increase was attributable to the growth of companies worth more than $300 million. "In January, almost $1.3 billion of growth was contributed by Deloitte WA Index heavyweights, Woodside Petroleum, Alinta, Great Southern Plantations, Fortescue Metals Group, Portman and Paladin," Mr McIver said. Mining was a stand-out performer with the Deloitte WA Mining Index rising 7.7 per cent during the month, almost double the growth of the ASX 300 Resources Index. This result was mainly due to continued strength in nickel and iron ore prices. Resource companies with the greatest increase in value were Fortescue Metals Group (up $324 million) and Jubilee Mines (up $99 million). Woodside also grew by $367 million in January to $13.8 billion. Offsetting the increases in resources and commercial services were decreases in the healthcare and manufacturing sectors as a result of the removal of the Gribbles Group from the index following the compulsory acquisition by Healthscope and a decline in the share price of Wesfarmers.

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