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WA Index

Issue 216 | April 2023

Welcome to the 216th 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 during the month of March – increasing 11.5% to close at $327.5 billion. Gold focused, West Australian listed companies benefited greatly from an influx of positive sentiment surrounding gold equities. The All Ordinaries and FTSE 100 retreated marginally during the month, whilst the US S&P 500 and Nikkei posted minor gains, continuing their upwards trend.

Download the list of WA’s top 100 listed companies, as of 31 March 2023, explore the sections below, and if you do not currently receive our WA Index, please register to be added to our distribution list.


  • 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.

As of 31 March 2023 Download the list of WA’s top 100 listed companies

Commodity review

Commodities were a mixed bag across March, with silver and gold being the standout performers. Lithium, nickel, and praseodymium neodymium alloy continued their downward trend from February. Energy continued to slow due to decreasing demand in the northern hemisphere.

LNG prices fell 6% throughout the month of March, closing the month at US$14/MMBtu. This represents a 64% decline from the peak of US$38/MMBtu experienced in mid-December 2022. The rapid decline in price has been a result of warmer than expected weather conditions throughout Europe over the winter season. As the northern hemisphere exits the winter period, LNG imports are expected to reduce significantly, with major importer, Japan expected to receive approx. 5 million tonnes in March, which would represent the lowest total import of LNG for a month since May of 2020.

Gold prices surged 9% in March, closing at US$1,980/oz. This movement represented the commodities best month since July of 2020. The collapse of Silicon Valley Bank sparked growing concerns in the banking sector which resulted in increased demand for the safe-haven asset. Other external market factors such as a weakened US dollar and decreasing bond yield have also played a part in the precious metals price increase.

Lithium carbonate prices fell from US$61/kg to US$57/kg during March, representing a 6% decline for the month. This price represents a new 15-month low for the alkali metal as prices have continued to fall since November 2022, as a direct result of reduced demand from China. The world’s largest EV manufacturer announced the end of a subsidy program for lithium battery and EV manufacturers which has greatly reduced the demand for lithium out of China over Q1 of 2023.

The nickel price continued its recent decline into March closing 4% lower at US$23,651/T. The price fall is a result of more scandals surrounding the London Metals Exchange (LME), when commodity trader Trafigura unearthed a $577m nickel fraud which sent shockwaves through the market. Also commonly used within EVs, the price of nickel has been directly affected by the reduced demand from China over the first quarter in 2023.

Praseodymium neodymium oxide experienced significant pullback in the month of March, plunging 22% to US$76,066/T at 31 March. The rare earth metal experienced this significant drop as a direct result of EV giant, Tesla announcing during the month that they will be eliminating the use of the rare-earth metal in the next generation EV’s and will be looking to install permanent magnets within their vehicles to reduce the reliance on the expensive materials.

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) saw market capitalisation soar 90% during March, owing to its rejection of an Indicative Proposal from Albermerle, noting the takeover proposal significantly undervalued Liontown’s Kathleen Valley Project, which is on track to begin production in mid-2024. Liontown also announced potential early revenue through Direct Shipping Ore, and a 20% increase in the plant throughput rate to 3Mtpa.

Perseus Mining Limited (ASX: PRU) March saw this Ivory Coast based gold miner’s market capitalisation rise 21%, owing to increasing sentiment for gold equities as investors looked for safe-haven assets following the growing concerns surrounding the US banking sector. Perseus announced a distribution in mid-March, further strengthening prices, coming after a strong half year performance, with West African gold production reaching record levels and Perseus’ focus on profit, lowering its production costs to just $US930/oz in the December half.

Northern Star Resources Limited (ASX: NST) market capitalisation rose 19%, with a dividend distribution early in the month setting up the gold miner for a strong period. In addition to strong market sentiment for gold across the board, Northern Star announced they had priced Senior Guaranteed Notes of US$600m for general corporate purposes including capital expenditure.

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

Mindax Limited (ASX:MDX) market capitalisation grew 120%, representing the largest market capitalisation increase for the WA Index during the month of March. The company exited a prolonged voluntary suspension on the 1st of March 2023. The company released several promising updates surrounding its Mt Forrest iron ore project including that its scoping study had now been completed at the Mt Forrest project.

Resolute Mining Limited (ASX:RSG) experienced a 71% increase in its market capitalisation during the month. Early March saw the company announce healthy increases in its gold mineral resources and reserves, with resources growing 1.7 million ounces and reserves growing 0.6 million ounces (both growing net of mining depletion). This announcement in tandem with gold equities experiencing significant investment in March contributed to the growth in the company’s market capitalisation.

Ramelius Resources Limited (ASX:RMS) closed out the month with a market capitalisation increase of 42%. The 20th of March saw the company launch an all-scrip takeover offer for Breaker Resources NL. This takeover would see the company acquire 1.7 million ounces of gold which represents a significant consolidation play at its Rebecca Project, bringing the projects mineral resource to nearly three million ounces.. 

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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