Deloitte WA index shows that Wesfarmers Ltd had the biggest increase in market capitalisation in June ending the month with a $17 billion market cap, a 20.5 per cent increase.
Deloitte WA index shows that Wesfarmers Ltd had the biggest increase in market capitalisation in June ending the month with a $17 billion market cap, a 20.5 per cent increase.
In the month of June, Western Australian listed companies included in the Deloitte WA Index market capitalisation increased by 4.9 per cent or $7 billion to $166 billion.
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In the month of June, the market capitalisation of Western Australian listed companies included in the Deloitte WA Index increased by 4.9 per cent or $7 billion to $166 billion.
Deloitte Perth Office Managing Partner Keith Jones said the biggest increase in market capitalisation in June was Wesfarmers Limited.
"The Deloitte WA Index leading mover and shaker for June was Wesfarmers, with an increase in market capitalisation of 20.5 per cent or $3 billion," Mr Jones said.
At the end of June, Wesfarmers market capitalisation was $17,746 million.
"Speculation that Wesfarmers would acquire Coles Group Limited led to Wesfarmers' share price rise," Mr Jones said.
The impending acquisition will result in Wesfarmers becoming the largest retailer in Australia and the largest private sector employer.
The Deloitte WA Index Movers and Shakers for the month of June also include Sundance Resources Limited which increased market capitalisation by 89.9 per cent to $776 million and Murchison Metals Ltd up 54.2 per cent to $1,946 million.
Other significant movements noted during the month were Woodside Petroleum Ltd up 6.4 per cent to $31,160 million, Portman Ltd up 31.1 per cent to $1,704 million and Great Southern Limited up 27.7 per cent to $946 million.
"In June, commodity prices fluctuated widely, due to significant independent factors affecting different commodity prices," Mr Jones said.
Lead, Uranium and Oil increased by 13.97 per cent, 13.11 per cent and 10.42 per cent respectively. Notable commodity price declines in June include Nickel down 25.66 per cent, and Zinc and Silver down 9.7 per cent and 7.59 per cent respectively.
In June, world stock markets declined.
The ASX All Ordinaries and the FTSE decreased by 0.49 per cent and 0.38 per cent respectively and the US S&P 500 slumped by 1.76 per cent.
Despite this, the Deloitte WA Index was up by 4.9 per cent and the Nikkei was up 1.47 per cent.
Over the last 12 months the Deloitte WA Index has increased by 45.45 per cent. In comparison, increases over the last 12 months for other indices were the ASX All Ordinaries up 23.85 per cent, US S&P 500 up 18.59 per cent, the FTSE and the Nikkei up 13.88 per cent and 12.50 per cent respectively. This again highlights the strength of the Western Australian economy.
