Skip to main content

WA Index

Issue 215 | March 2023

Welcome to the 215th edition of the Deloitte WA Index, a monthly review of Western Australian stocks and indices.

The aggregate market capitalisation of Western Australian listed companies remained stable across February, despite falling commodity prices – recording a final movement of just -0.1% to close at $379.5 billion. This month’s stability comes after a strong start to the year for the Index. Global indices have also remained relatively slow moving across February with the US S&P 500, FTSE 100, Nikkei 225 and ASX All Ordinaries staying close to January performance.

Download the list of WA’s top 100 listed companies, as of 28 February 2023, 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.

Progress your business growth and development


Take a look at the products and services we offer.

Our Audit Differentiation Program

Deloitte's Audit Differentiation program gives our auditors the capabilities to quickly understand and respond to your needs.

Mining and resource development analysis and policy

Deloitte Access Economics provides policy advice and support to the mining industry using the latest and best-practice methods for economic assessment as required for planning approvals.

Our latest reports and thought leadership

During the month of February, the commodity market was characterized by significant downward movements in the prices of metals, notably tin, nickel, and cobalt. Energy also exhibited a decline due to weaker demand in Europe and China.

  • Cobalt dropped a substantial 31% to US$33,746/T across February. This was largely due to the Chinese electric vehicle market's transition from cobalt battery chemistry toward non-cobalt batteries. Additionally, excess supply from mines in the Democratic Republic of Congo and Indonesia contributed to increased inventory levels.
  • LNG decreased by 25% to US$14/MMBtu across February, due to a sluggish start to 2023 coupled with a significant accumulation of natural gas storage in European nations. Further, South Korea decreased its LNG imports as its nuclear plants resume operation after extended maintenance shutdowns, with its new administration advocating for increased use of nuclear power.
  • Thermal Coal decreased by 21% in February to US$193/T. Milder weather and stable levels of non-Russian supply have brought down gas prices across Europe, whilst the US has felt the effects of growth in renewables, stagnant electricity consumption and continued coal retirements.
  • Nickel decreased to US$24,591/T, representing a decrease of 18% during the month. Central bank policy of developed nations, particularly the Federal Reserve, and changing market dynamics aided in the volatility of the short-term nickel price. Production has increased significantly since the beginning of the year to meet the growing demand from electric vehicle (EV) battery producers, resulting in an oversupply.
  • Praseodymium decreased to US$117,800/T, an 11% decrease in February. The rare earth market has experienced a decline due to weaker customer demand than anticipated. Additionally, rare earth production has started to increase with inventory build underway.
  • Uranium bucked the negative trends this month, increasing by 1%, up to US$51/LB across February. The commodity hit a three-month high in mid-Feb, impacted by waning demand in other mined energy commodities driven by higher interest rates. Supply remains strong, with the reopening of Cameco’s McArthur River mine-the largest uranium mine in the world. 

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

  • Woodside Energy Group Ltd (ASX: WDS) decreasing 1% in February, following the release of its 2022 12-month result. Woodside reported strong operational performance and global demand, achieving production volumes of 157.7 m barrels of oil driven by the completed merger with BHP. The strong performance set a good foundation for its upcoming investment in a range of commodities and capital investment.
  • BWP Trust (ASX: BWP) experienced a 1% fall following the release of the half-year December 2022 results in February. It reported a drop in earnings for the six months, mainly attributable to the increase in finance costs due to interest rate rises.
  • Chalice Mining Limited (ASX: CHN) also fell 1%, a marginal movement for the period. During February, Chalice provided an update on the growth potential of Gonneville – Julimar project, highlighting the outstanding wide, high-grade intersections at the northern end of the deposit. The Julimar discovery kickstarted the new West Yulgarn Ni-CU-PGE, being a ‘first-mover’ in the province, providing major critical mineral discoveries.

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

  • Catalyst Metals Ltd (ASX: CYL) soared 35% after announcing its purchase of Superior Gold Inc and its purchase of the remaining shares of Vango Mining Ltd. The acquisition is expected to bring considerable exploration potential, world-class gold in WA, and a compelling opportunity to maximize value from the Plutonix-Marymia gold belt.
  • SRG Global Limited (ASX: SRG) successfully raised $46.4m to partially fund the ALS asset care acquisition, with investors' demand exceeding expectations, driving it’s 24% movement across the month. In addition, SRG secured various high-value contracts with Northern Star, Victoria Department of Transport, and CBGU JV Contractor group during the month. 
  • Lycopodium Limited (ASX: LYL) market capitalisation rose 22% off the back of strong half year results. Comparing this half year to the prior year half year, Lycopodium reported healthy growth in revenue, EBITDA, NPAT and earnings per share. This growth attributable to the company’s significant portfolio of global projects as well as the winning of a number of new projects and studies. 

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.

Did you find this useful?

Thanks for your feedback

If you would like to help improve further, please complete a 3-minute survey