Welcome to the 220th edition of the Deloitte WA Index, a monthly review of Western Australian stocks and indices
The aggregate market capitalisation of Western Australian listed companies declined significantly during September – tumbling 3.2% to close at $357.2 billion. All tracked indices, bar the FTSE 100, experienced weakness this month. The FTSE 100 outperformed other tracked indices as the European Central Bank pointing to an end in its monetary tightening cycle.
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During September, commodity pricing exhibited mixed trends across key markets. For the second month in a row, energy commodities experienced the most notable surges with Uranium being the standout performer for the period, up 20%.
Similar to the prior month, metals faced slowed movement amid weakening demand due further uncertainties around China’s stimulus measures; nickel, tin and silver slowed, with lithium carbonate experiencing another significant decrease, this month falling 39%.
Boss Energy Limited (ASX: BOE) experienced the most significant increase in market capitalisation among the top 20 WA listed companies during the month of September. The company’s market capitalisation rose by 39.8%, closing at $1,712m. This largely due to the strong infill drilling results at the Gould’s Dam deposit at its Honeymoon Uranium Project. The company noted that these strong results have resulted in the company initiating technical and economic studies on the Gould’s Dam deposit.
Paladin Energy Ltd (ASX: PDN) saw a market capitalisation increase of 30.2%, which was driven by the strong uranium market, reaching a top of $70 per pound in September 2023, driven by its increasing popularity as a renewable energy resource. The company also release a presentation highlighting the company’s path to production as well as its portfolio of growth projects.
Liontown Resources Ltd (ASX: LTR) closed out the month with an 8.1% increase in market capitalisation, at $6,475m, owing to the revised proposal from Albemarle to acquire all the ordinary shares outstanding in Liontown for $3 per share. Shortly after this announcement, Gina Rinehart emerged as a substantial shareholder in the company.
Deep Yellow Limited (ASX: DYL) experienced an increase of 48.7% in its market capitalisation, closing the month at $997m off the back of the rally in uranium prices. Additionally, mid-September saw the company release favourable resource expansion drilling results for its flagship Tumas project with results supporting a +30-year mine life.
Bannerman Energy Ltd (ASX: BMN) increased its market capitalisation $129m during the month of September, representing a 43.9% surge. Like DYL, BMN’s surge in market capitalisation is largely due to the recent rally and forecast sustained high prices of Uranium. Further progress on BMN’s Etango project is on track with an announcement from the company detailing Front End Engineering and Design of the Project is progressing in line with plan and budget.
Spartan Resources Ltd (ASX: SPR) concluded the month of September with a market capitalisation of $355m, an increase of 35%. The increase is a result of a favourable exploration update regarding SPR’s 100% owned Dalgaranga Gold Project. Per the update, more high-grade assays were received from the Never Never Gold Deposit, further supporting the strong potential of the target. Further, the company announced the Dalgaranga project is due for an updated mineral resource and reserve statement in the December quarter of 2023.