WA stocks stable in August

23/09/2008 - 14:44

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Despite the volatility in the wider market, the Deloitte index of Western Australian stocks rose by nearly six per cent over the past 12 months, compared to the All Ordinaries index which declined by over 16 per cent.

Despite the volatility in the wider market, the Deloitte index of Western Australian stocks rose by nearly six per cent over the past 12 months, compared to the All Ordinaries index which declined by over 16 per cent.

In the August edition of the Deloitte WA Stock Exchange Index, the accounting firm said the index grew by 5.95 per cent in the 12 months to August 31 2008.

However during the month of August, the WA index rose slightly by 0.1 per cent compared to the All Ordinaries gain of 3.22 per cent, largely attributable to an increase in the banking sector.

Industries in the WA Index that recorded the largest increases were commercial services, up 10 per cent with Greencap Ltd a notable performer, and the diversified financial sector was up 6.5 per cent.

Offsetting those increases were declines in the coal and biotechnology industries, down 9.8 per cent and 12 per cent respectively.

Notable movers and shakers in WA, according to Deloitte, included CopperCo, which recorded a 57.1 per cent increase in market capitalisation to $327.5 million, RCR Tomlinson Ltd with a market cap of $149.6 million, up 28.8 per cent, and Clough Ltd rose 22.3 per cent to $531 million.

Overall the market capitalisation of WA companies featured on the index rose closed at $160.9 billion at the end of August.

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