WA Index

Global equity markets were mixed in August 2026. Resilient corporate earnings and continued artificial intelligence-driven investment supported sentiment for most of the month, although expectations for near-term US monetary policy easing were unwound late in August following hawkish remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Symposium. Ongoing geopolitical tensions and trade uncertainty tempered risk appetite and contributed to volatility. Demand for technology and other growth-oriented sectors nonetheless held up through the month.

The S&P 500 rose 2.6% during the month, driven by a rebound in large-cap technology stocks after a softer performance in July. The recovery was supported by a strong corporate earnings season, with many companies reporting results ahead of expectations and providing constructive outlooks. August's gains reflected renewed confidence in the earnings strength of US corporates, particularly across growth-oriented sectors.

The FTSE 100 declined 0.4% during August, lagging major global peers as market leadership remained concentrated in technology and other growth sectors. Ongoing geopolitical tensions and volatility in oil prices created an uncertain backdrop for several of the index's largest companies, while the FTSE's limited exposure to high-growth technology companies constrained performance.

Japan's Nikkei 225 rose 3.0% during the month, led by technology and semiconductor companies that continued to benefit from strong demand across AI-related supply chains. A weaker yen supported the earnings outlook for many export-oriented businesses, while corporate results reinforced confidence in the profitability of Japan's largest listed companies. Market gains were again concentrated among companies with strong earnings momentum and exposure to structural technology growth themes.

The Australian All Ordinaries Index gained 1.5% during August, supported by strength across the materials and healthcare sectors. Rising gold prices lifted sentiment toward Australian mining companies, while healthcare stocks provided an additional source of support for the broader market. The WA Index outperformed significantly, increasing by approximately 7.8% on the back of its heavier weighting toward gold and mining companies.

Download the list of WA’s top 100 listed companies as at 31 August 2026 and explore the sections below. If you do not currently receive our WA Index, please register to be added to our distribution list.

Commodity Review

Gold: Gold strengthened through August 2026, rising from approximately US$4,040/oz at the beginning of the month to around US$4,430/oz by month-end, an increase of approximately 10%. Prices were supported by ongoing safe-haven demand amid geopolitical and economic uncertainty, continued central bank purchases and heightened market volatility, which drove investor flows into defensive assets. Spot gold reached an intramonth high of US$4,696/oz on 25 August, its highest level in more than three months, before falling sharply into month-end. The reversal followed remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Symposium on 28 August, where he signalled the Fed had further work to do unless policymakers became confident that underlying inflation was returning to the 2% target. Markets read the comments as hawkish and repriced the probability of a September rate increase from approximately 36% to 56%, sending spot gold down close to 3% in a single session to around US$4,470/oz and lifting the US dollar to a one-week high.

Lithium: Lithium prices remained volatile through August 2026, with SC6 spodumene concentrate rising from approximately US$2,000/t at the beginning of the month to around US$2,290/t by month-end, an increase of approximately 15%. Early weakness reflected concerns over increasing supply and market expectations that CATL’s Jianxiawo mine in Jiangxi, estimated to represent 3% to 4% of global lithium supply, would return to production. Prices recovered through the second half of the month as growing investment in battery storage and electrification infrastructure, together with falling inventory levels, supported demand expectations. Sentiment was reinforced late in August by a reversal in the Jianxiawo restart timeline. Yichun’s ecology and environment bureau published a notice on 17 August indicating it intended to accept the project’s environmental impact assessment filing, then withdrew that notice on 26 August after members of the public raised questions regarding the disclosure process, stating the acceptance would be reissued once procedures had been confirmed as compliant. Investors will continue to monitor developments at Jianxiawo, which has remained in maintenance shutdown despite receiving a safety production permit on 29 June 2026.

Zinc: Zinc prices strengthened during August, with LME zinc increasing by approximately 7% over the month from around US$3,680/t at the beginning of August to about US$3,930/t by month-end. The market was supported by ongoing concerns around global concentrate availability and declining visible inventories, alongside growing evidence of tightness in nearby physical markets. Demand sentiment was underpinned by resilience in galvanised steel consumption linked to infrastructure and construction activity, particularly in China. Broader macroeconomic uncertainty and shifting interest rate expectations continued to introduce volatility, but supply-side constraints and inventory drawdowns provided the primary support for higher prices heading into September.

Iron Ore: Iron ore prices were volatile through August. Benchmark 62% Fe iron ore traded around US$95/t at the start of the month and strengthened toward US$98 to US$100/t by month-end, recovering from mid-month weakness. Rising Chinese steel mill activity and improving manufacturing demand supported prices, as did expectations for additional fiscal and infrastructure support measures in China. Gains were moderated by elevated port inventories and increasing iron ore arrivals, while concerns around the strength of China’s property sector and construction-related steel demand persisted. Supply remained ample throughout the month.

Performance of WA Index and Global indices

Top 20 performers of the month: 

Genesis Minerals Limited (ASX: GMD): Genesis Minerals rose one place to 10th in the Deloitte WA Index, with market capitalisation increasing 47.5% during August 2026 from $6.52 billion to $9.62 billion. During August the ACCC determined that the proposed merger is not required to be notified, satisfying that condition of the Scheme Implementation Deed and removing regulatory risk from a transaction that would create a top 20 global gold company with pro forma production of 600,000 to 700,000 ounces a year, resources of 34Moz and reserves of 9Moz. Management has identified approximately $2.0 billion of post-tax, undiscounted synergies over ten years, of which around $1.5 billion is unique to the combination, and completion remains on track for November 2026. Confidence was reinforced by the FY26 result released on 20 August, which showed the company converting a rising gold price into cash, with EBITDA up 110% and cash and equivalents up 81% to $520.1 million. Investor confidence was further supported by the declaration of a maiden fully franked dividend of 5.0 cents per share, signalling management's confidence in the sustainability of cash generation. The completed acquisition of Magnetic Resources also provided a clearer pathway to future production growth through the high-grade Lady Julie deposit.

Vault Minerals Limited (ASX: VAU): Vault Minerals rose one place to 15th in the Deloitte WA Index, with market capitalisation increasing 39.8% during August 2026 from $4.93 billion to $6.90 billion. As the target under a scrip scheme of arrangement, Vault re-rated broadly in step with Genesis as the market grew more confident the merger would complete, helped by the ACCC condition being satisfied during the month and by confirmation that completion remains on track for November 2026. Independent of the merger, the strongest driver of sentiment was the closing out of the remaining hedge book. Vault settled all outstanding gold hedges of 57,542 ounces at an average delivery price of $2,797 per ounce, which reduced statutory profit to $278.4 million but leaves the company selling every future ounce into the spot market at a time when gold is trading well above that level. Investors responded to that unhedged, debt-free exposure, backed by cash and bullion of $841.6 million. Operational confidence was supported by the Stage 2 processing plant upgrade at King of the Hills, which is on budget and ahead of schedule with commissioning starting in September 2026 and is expected to lift Leonora gold production by 34%.

Regis Resources Limited (ASX: RRL): Regis Resources held its position at 17th in the Deloitte WA Index, with market capitalisation increasing 36.3% during August 2026 from $4.61 billion to $6.29 billion. Regis is among the most exposed to the heightened gold price, carrying no debt and no hedging, and the market rewarded that leverage as gold strengthened through the month. The FY26 result gave investors evidence of how much cash the position generates, with operating cash flow of $1,247 million and a closing cash and bullion balance of $1,184 million. Regis also announced a new capital management policy, by which Regis declared a fully franked final dividend of 20 cents per share, including a 5 cent special dividend passing through the $50.7 million break fee received on the terminated Vault Minerals transaction, taking FY26 distributions to 35 cents per share at a 6.1% yield. Regis reaffirmed FY27 guidance of 360,000 to 400,000 ounces removing any concern that returns were coming at the expense of the production base, while reinstatement of the McPhillamys Ore Reserve at 1.89Moz restored a growth option investors had previously discounted.

The Top 100 performers of this month were: 

Brightstar Resources Limited (ASX: BTR): Brightstar Resources rose 22 places to 71st in the Deloitte WA Index, with market capitalisation increasing 82.8% during August 2026 to $642 million. The Goldfields hub reached FID in May 2026 and remains on track for first gold in the June 2027 quarter at approximately 75,000 ounces a year, giving investors a defined date at which the company begins generating revenue into a strong gold price. Exploration results released on 3 August then bolstered investor confidence, with drilling at the Two Mile Hill deposit returning 305.4m at 1.82g/t gold, and the hole continued through mineralised tonalite to 657.3m, with the updated interpretation indicating the host unit is more than 180m thick at that point, around triple the previous interpretation. Because the tonalite is consistently mineralised, a body of that scale points to materially more gold than the market had ascribed to a Sandstone resource already standing at 2.9Moz, and small capitalisation gold names with this kind of leverage attracted strong investor interest through the month.

St Barbara Limited (ASX: SBM): St Barbara rose 13 places to 57th in the Deloitte WA Index, with market capitalisation increasing 69.2% during August 2026 to $932 million. Investors re-rated SBM on the transformation of its balance sheet and the change in capital discipline that followed. Completion of the Lingbao transaction left St Barbara holding $475 million of cash with no debt and no hedging, equivalent to roughly half its market capitalisation at month-end, and the board used that position to declare a fully franked dividend of 5.0 cents per share and to flag consideration of an on-market buy-back of up to 100 million shares. The market also gained confidence in a growth pipeline that is now fully funded, with the New Simberi expansion under construction, the Touquoy restart approved, and an updated 15-Mile Processing Hub Pre-Feasibility Study expected at the end of September 2026, on which the buy-back decision has been deferred.

Ausgold Limited (ASX: AUC): Ausgold rose 14 places to 66th in the Deloitte WA Index, with market capitalisation increasing 69% during August 2026 to $792 million. On 17 August the company announced a binding Scheme Implementation Deed under which OceanaGold Corporation will acquire 100% of Ausgold by court-approved scheme of arrangement, at an implied offer price of $1.36 per share representing a 28% premium to the previous close and a 44% premium to the 20-day volume weighted average price. The unanimous board recommendation, together with confirmation that major shareholder Dundee Corporation intends to vote in favour, gave the market confidence the Scheme will proceed and the share price converged toward the offer. Because consideration is scrip, at 0.03365 OceanaGold shares for each Ausgold share, the month’s gain exceeded the announced premium as Ausgold holders took on exposure to OceanaGold and to the rising gold price, with a cash alternative available subject to scale-back against a $194 million pool. The transaction validated the Katanning Gold Project, which holds Mineral Resources of 2.44Moz and Ore Reserves of 1.33Moz and targets average annual production of 120,000 ounces over a mine life exceeding ten years, and reinforced the competition for advanced development assets across the Western Australian gold sector.