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Issue 193 | September 2020
Welcome to the 193rd edition of the Deloitte WA Index, a monthly review of Western Australian stocks and indices.
- Download WA's Top 100 listed companies
- Top performers of the month
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The market capitalisation of Western Australian listed companies continued to rise during August, increasing 1.8% to $226.1 billion. August was a positive month for all Indices, with the All Ordinaries, US S&P 500, FTSE 100 and Nikkei all gaining ground during the month.
Download the list of WA’s top 100 listed companies, as of 31 August 2020, explore the sections below and if you do not currently receive our WA Index, please register to be added to our distribution list.
If you have any questions in relation to the Deloitte WA Index please contact Dave Andrews.
Top performers of the month
- Lynas Corporation Limited’s market capitalisation increased by 26% over the month of August to close at $1.97 billion as the company announced an equity raising to support the Lynas 2025 foundations projects and strengthen its balance sheet. Major projects include the Kalgoorlie Rare Earths Processing Facility, as well as upgrading at the Lynas Malaysia Plant.
- De Grey Mining Limited’s market capitalisation grew over the month of August, jumping 56% to $1.375 billion. Following an outstanding 12 months to 30 June 2020, August saw De Grey Mining release further positive results in relation to the Hemi area at the Mallina Gold Project. These included the announcement of positive drilling results with first visible gold, a new lode identified at the Crow Zone, and the drilling results reflecting the Brolga mineralisation extending towards Aquila and Scooby Zones.
- Monadelphous Group Limited’s market capitalisation increased 27% over the month of August to close at $1.068 billion. During August, the company’s FY20 annual results were well received and the company also highlighted approximately $100m of construction and maintenance contract awards in the resources and energy sectors during the month.
The top Deloitte WA Index Movers and Shakers in August were:
- Australian Strategic Materials Limited’s market capitalisation increased 80% over the month of August to close at $271.4 million. A new entrant to the WA Index, the company announced the successful production of Titanium Metal from its Pilot Plant through electro–refining process.
- Poseidon Nickel Limited’s market capitalisation saw substantial growth in August, jumping 103% to $155.9 million. The company announced the intersect of large nickel sulphides at the Golden Swan Deposit, as well as assay results confirming the positive intersections. Furthermore, the company purchased an option to obtain the right to treat Lancefield Gold Tailings and retrieve gold from the tailings.
- Northern Minerals Limited saw an increase of 55% in its market capitalisation over the month of August, closing at $137 million. The rise was on the back of the announcement that the company has settled historical research and development tax offset claims which resulted in a net refund to the company of approximately $10 million.