The aggregate market capitalisation of Western Australian listed companies declined by 1.3% during the month of February to close at $372.1 billion. The WA Index cooled due to its strong correlation to the commodities market, with mild northern hemisphere winters and weakened Chinese demand dominating the month.

Conversely the tracked indices rallied, led by a 7.9% growth by the Nikkei and the S&P 500 registering a rise of 5.2%. Both indices reached highs driven by strong demand for technologies and chip-gear producers such as Nvidia, Meta and Amazon.

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Commodity review

Commodity prices experienced another volatile month, with energy commodities largely hampered by a mild European winter and industrial commodities impacted by a slowdown in demand from the commodity consuming powerhouse, China.

Performance of WA Index and Global indices

WA Index movement

Top 20 performers of the month

Liontown Resources Ltd (ASX: LTR) market capitalisation experienced a volatile month – closing the month up 19.9%. Performance was the result of improving sentiment in the lithium market following half-year results for several larger industry players showing a stronger than expected first half of FY24. The increase was also indicative of share price recovery following the banking syndicate’s removal of funding support in late January, with the project’s funding still uncertain.

Pilbara Resources Ltd (ASX: PLS) market capitalisation increased 18.3% during the month, in line with much of the lithium industry. Chinese lepidolite production forecasts caused uncertainty following production halts from environmental inspections, suggesting a short-term shortage that drove increases in battery metals futures. Ongoing demand was also signalled by PLS signing a new offtake extension, with Chengxin Lithium, and reporting to the market ongoing reduction in production costs.

Bellevue Gold Ltd (ASX: BGL) increased its market capitalisation 15% during the month. Whilst gold prices traded flat during the month, Bellevue reported promising initial mill performance during January at the RIU Conference – with throughput reaching an annualised 1Mtpa run rate and mill utilisation sitting at 92%. The site’s ramp up during January reaffirmed second half guidance of 75 KOz -85 KOz, with the company now generating positive free cashflow.

The top Deloitte WA Index Movers and Shakers in September

APM Human Services International Ltd (ASX: APM) saw its market capitalisation more than double in the month of February, up 121.6% for the period. February saw the disability and workplace services provider receive a buyout bid from CVC Asia Pacific Limited which would see APM shareholders receive A$1.60 per share less any dividends paid after the Proposal date. After APM rejected this bid, CVC revised their offer to A$2.00 per share at the end of the month which led to APM entering a period of exclusivity with CVC to further negotiate the deal.

Wildcat Resources Ltd (ASX: WC8) benefited from the recent positive shift in lithium market sentiment, with its market capitalisation rising 83.7% for the month. The company continues to explore its Tabba Tabba lithium project near Portheadland, WA, with a 100,000m drill program underway which has already delivered impressive results such as 180m @1.1% Li2O.

BCI Minerals Ltd (ASX: BCI) saw its market capitalisation rise by 78% during the month of February, owing to a $315m capital raise entered on February 5 to fund phase 1 of the Mardie Project, which when completed, will be Australia’s largest solar salt project. The mineral resources company secured $140.9m of the Entitlement Offer and Tranche 1 of the Placement offer ($47.5m) on February 5, and completed the $114m Retail component of the offer on 28 February.