WA Index

The aggregate market capitalisation of Western Australian listed companies rallied during the month of October – increasing 4.33% to close at $306.3 billion. The move was consistent with other global markets, experiencing bounces of a similar magnitude to the upside, albeit not quite enough to offset the heavy losses felt in September.

Download the list of WA’s top 100 listed companies, as of 31 October 2022, explore the sections below, and if you do not currently receive our WA Index, please register to be added to our distribution list.

Highlights:

• Commodity review
• Performance of WA Index and global indices
• WA Index movement
• Top performers of the month.

If you have any questions in relation to the Deloitte WA Index please contact Dave Andrews.

Commodity review

The month of October saw some commodities take a dive, with both supply and demand side fears causing uncertainty within the broader commodities market.

• LNG prices plunged 49% throughout the month of October, down to US$28/MMBtu, which represents a 70% decrease from the record highs experienced in August. A major factor in the price decrease is due to full storage of LNG throughout Europe, as European governments have stockpiled reserves over the past few months heading into winter with main supplier, Russia, reducing natural gas flows to the region.
• Zinc prices fell to US$2,856/T as at the end of October representing a 19% fall during the month. Like many base metals, the fall in price was due to continued demand destruction stemming from concern surrounding China’s increased COVID restrictions.
• Tin also saw a sharp decline in October falling 21% down to $18,130/T. This was off the back of stifling economic growth in China and a concerning economic outlook due to further imposed COVID restrictions which has put pressure on the world’s biggest metal-consuming country.
• Iron Ore prices tumbled 17% to close at US$81/T as at the end of October. The continuing price slump has now brought prices to the lowest point in more than two years. Strong supply due to it being a seasonally strong period combined with the decreasing demand from world’s biggest importer have been the major factors in the price decline.
• Coal prices closed October at US$356/MT representing a 14% decline on the month. This is off the back of easing worries around a European energy crisis fears experienced earlier in the year.

Performance of WA Index and global indices

WA Index movement

Top 20 performers of the month

Western Australian top performers over the past month by growth in market capitalisation

• Liontown Resources Ltd (ASX:LTR) experienced a 21% market capitalisation increase in October following its announcement of the Mining Proposal and Works Approval by the WA government for a 4 Million tonnes per annum operation at Kathleen Valley. Major site activities will now commence with an initial 2.5 Million tonnes per annum mining rate expected to deliver 500,000 tonnes per annum of spodumene to market.
• Perseus Mining Limited (ASX: PRU) had an increase in market capitalisation of 16.8% following the announcement of record gold production for the quarter, up 12% from the June quarter to 137,460 ounces, along with a 12% reduction in All-In-Sustaining Costs (AISC) to US$879 per ounce.
• Woodside Energy Group Ltd. (ASX: WDS) saw a 12.0% increase in market capitalisation over the month, after its Q3 report announced record production and sales, up 52% and 59% respectively from Q2 2022.

The top Deloitte WA Index Movers and Shakers in October were:

• Tietto Minerals Limited (ASX: TIE) had an increase in market capitalisation of 37.9% to $755.67 million following the announcement of multiple high-grade gold intercepts at AG Core within the 3.45 Million ounce Abujar Gold Project in Côte d’Ivoire.
• Genesis Minerals Limited (ASX: GMD) increased its market capitalisation by 27.6%, to close at $463.23 million. During the month, it was announced that Genesis had success in acquiring majority control of Dacian Gold Limited (ASX:DCN).
• Galan Lithium Limited (ASX: GLN) closed out the month at a market capitalisation of $462.95 million, an increase of 21.4%. This has resulted from a positive report that the HMW (Hombre Muerto West) Project Mineral Resource has increased 2.5 times since initial estimates released in March 2020.

If you don’t currently receive our WA Index, you can register to be added to our distribution list.

If you have any questions in relation to the Deloitte WA Index please contact Dave Andrews.