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WA Index

Issue 217 | May 2023

Welcome to the 217th 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 month on month – increasing just 0.5% to close at $365.5 billion. Global indices faired well, with all four indices tracked displaying notable gains. The indices showing the greatest gains were the FTSE 100 and the Nikkei 225 increasing 3.13% and 2.91% respectively. Global indices have seen greater progression in comparison to the WA Index as a result of a bounce back from performance in May.

Download the list of WA’s top 100 listed companies, as of 30 April 2023, explore the sections below, and if you do not currently receive our WA Index, please register to be added to our distribution list.

In April, the commodity market experienced cooling across a significant number of commodities. Key commodities that experienced an increase in prices were silver, uranium, lead, nickel, crude oil, and tin. Platinum was the standout performer for April, displaying a 9% increase in price. Commodities such as iron ore, LNG, coal, and zinc experienced falls during the month.


LNG prices fell 15% throughout the month of April, closing the month at US$12/MMBtu. Demand from Europe and East Asia have weakened, particularly in South Korea and Japan. High inventory levels in South Korea and Japan have put downward pressure on LNG spot prices, which has seen buyers requesting deliveries of LNG cargo to be staggered to manage surplus. Higher nuclear power generation in both countries furthered this pressure by reducing reliance on LNG imports.


Platinum prices increased by 9% during April, to US$1,074/oz. The platinum market is currently facing a deficit after two years of surplus which is anticipated to persist for several years. Operational and power supply challenges have limited the growth of platinum supply. A surge in industrial demand has placed upwards pressure on prices, particularly from the auto sector where palladium is being replaced with cheaper platinum.

Iron Ore

The spot price of Iron Ore has tumbled to a four-month low at US$106/T as demand for steel in China is weaker than expected. This represents a 17% decline during the month. Construction in China, which accounts for two-thirds of Chinese steel, has experienced sharp falls in project approvals. Furthermore, apartment construction activity has significantly slowed down, a consequence of China cutting developers off from dollar-bond financing.


Uranium prices increased by 3% during April to US$52/LB, demonstrating resilience amongst other commodities. A commodity that typically displays low correlation to major asset classes, it experienced increased purchasing activity from utilities and new contracts with exploration programs. The ongoing Russian-Ukraine conflict has also seen Western suppliers experiencing new demand from markets previously serviced by Russia.

Lithium carbonate

Demand for lithium has been volatile – April experienced an average 5% decrease in price, closing at US$54/KG at the end of the month. The lithium spot price tumbled 72% in January, after China curbed subsidies for electric vehicles. This slump continued throughout the first quarter until mid-April. However, the price regained some ground during the last week of April.


On average, the price of gold experienced very minimal gains in April, a period that follows price surges because of lower treasury yields and a weaker US dollar. Data from the United States indicated that inflation remains at high levels, which could justify the need for further interest rate hikes by the Federal Reserve. This growing expectation of interest rate hikes has caused gold prices to waver, offsetting the gains experienced in early April.

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

Gold Road Resources Limited (ASX: GOR) had an increase in market capitalisation of 10.3%, closing at of $2,022m. Early April saw the company release a three year outlook and mine life for its flagship asset, Gruyere. The outlook noted that production ranges between 335,000 and 375,000 ounces which represents an increase on prior years. The company attributed this increase in production to higher head grades and increased throughput following the commissioning of a third pebble crusher late 2023.

Northern Star Resources Limited (ASX: NST) saw an increase of 9.3% in market capitalisation in the month of April. During the month, the company closed the previously announced offering of US$600 million of senior guaranteed notes, where the cash proceeds from the offering is said to be used for general corporate purposes, including capital expenditures. The capital expenditure may include the KCGM Expansion Project if and when a final investment decision on the project is made.

IGO Limited (ASX: IGO) achieved an increase of 7.7% in market capitalisation for the month of April as it secured land in Kwinana for the proposed Integrated Battery Material facility. IGO, in conjunction with Wyloo Metals, is working towards making a financial investment decision on the development of this project which integrates a downstream nickel refinery with a plant producing high-value nickel dominant precursor cathode material for the battery supply chain.

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

Mindax Limited (ASX: MDX) market capitalisation grew 54% in the month of April. The second consecutive month the company has led our top movers and shakers list! Mindax announced the successful raise of $2.5 million through the placement of 50 million fully paid ordinary shares at 5 cents per share to parties unrelated to the company. This will provide the company with additional working capital funding.

Lindian Resources Limited (ASX: LIN) experienced a 51.6% increase in its market capitalisation during the month of April. The increase was a result of a positive progress report for their phase one metallurgical test work, showing rare earth concentrate recoveries of ~60% REO (rare earth oxide). In addition, more high-grade rare earths drilling intercepts continue to be reported at the Kangankunde project.

Genesis Minerals Limited (ASX: GMD) closed out the month with a 39.9% increase in market capitalisation. Following an extension of voluntary suspension, Genesis announced entering into a binding agreement with St Barbara Limited (ASX:SBM) to acquire the Leonora assets for a total consideration of $600 million on a cash free, debt free basis. The purchase of assets is expected to unlock significant synergies, including the optimum pairing of deposits and regional processing infrastructure. In connection with the purchase, Genesis has also received firm commitments to raise A$470 million at A$1.15 per share.

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