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WA Index

Issue 213 | December 2022

Welcome to the 213th edition of the Deloitte WA Index, a monthly review of Western Australian stocks and indices.

The aggregate market capitalisation of Western Australian listed companies rose sharply during the month of November – increasing 9.92% to close at $359.9 billion. This month’s rally represents two months of consecutive gains for the WA Index. Global indices have experienced the same trend, with the US S&P 500, FTSE 100, Nikkei 225 and All Ordinaries posting two months of consecutive gains.

Download the list of WA’s top 100 listed companies, as of 30 November 2022, 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.

The month of November saw several commodities spike with China’s easing of covid restrictions contributing to many of these movements.

  • Tin saw the largest increase of 31% to US$23,045/T during November. The increase is attributable to dwindling LME tin inventories both domestically in China and globally, bolstering prices.
  • Iron Ore prices grew to US$102/T, an increase of 26% through November. Expansionary measures from China combating a slowing economy outweighed covid related restrictions. These measures saw fresh credit lines extended to private developers to fight the property sector’s liquidity crunch, driving up demand.
  • Nickel prices closed up 24% at US$26,892/T in November following a spike in nickel prices to US$30,000 during the month. The increase was due to large scale short positions re-entering into the markets given the positive sentiment surrounding China reducing its covid restrictions and reopening the economy.
  • LNG prices fluctuated through the month of November to close 21% higher at US$33/MMBtu. Cooling weather in Eastern Europe drove increased demand for LNG across the period. Supplies have been tight across the period, driving up price as European and Asian markets compete for dwindling inventories.
  • Gold saw an increase in price to US$1,754/oz during November. With inflation globally being more of an issue than previously expected, the gold price increased given that gold is a trusted hedge against inflation. Further, concerns over a new omicron COVID variant further drove the price of gold.

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

  • Sandfire Resources Limited (ASX:SFR) saw a 43.7% market capitalisation increase in November, following the announcement of Brendan Harris to join as CEO and Managing Director and the subsequent launch of a fully underwritten Entitlement offer to raise A$200 million.
  • Fortescue Metals Group Limited (ASX: FMG) gained 31.8% in market capitalisation, largely driven by the rising iron ore price throughout November. Late November saw Fortescue announce the appointment of Ms Fiona Hick as the CEO of both FMG and Fortescue Future Industries (FFI).
  • Chalice Mining Limited (ASX: CHN) provided an update on their exploration activities at its Julimar Nickel-Copper-Platinum PGE Project demonstrating the potential for material resource growth, with several outstanding new intersections. This update contributed to a 24.5% increase in the company’s market capitalisation over the period of November.

The top 100 performers of the month:

  • Arafura Rare Earths Limited (ASX: ARU) increased its market capitalisation by 54.2%, largely attributable to its update on the Nolan Project. The announcement confirmed improved economics for the project as well as updating the market in relation to long lead procurement items and mine construction which is set to begin early 2023. Arafura also entered into a binding sales agreement with Hyundai and Kia.
  • Bellevue Gold Limited (ASX: BGL) saw a 48.6% market capitalisation increase over the month following its announcement of the rapid development progress at Bellevue Gold Project. In light of this progress, the Company noted it is studying options for toll treating and generating early cashflow.
  • Predictive Discovery Limited (ASX: PDI) closed out the month at a market capitalisation of $363.99m, an increase of 42%. This increase was primarily driven by their announcement of positive infill drill results and the completion of a grade control drilling program at their Bankan Gold project in Guinea.
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.

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