WA Index

Global equity markets faced downward pressure in September 2026 as government bond yields surged to multi-decade highs and oil prices climbed amid escalating Middle East tensions. Persistent inflation pressures prompted major central banks to enact tighter monetary policy, weighing heavily on broader sectors like real estate, utilities, and small-cap stocks. Despite this macro headwind, resilient corporate profits and strong demand for artificial intelligence infrastructure kept large-cap tech growth indexes relatively supported. 

The S&P 500 declined 0.5% in September as rising Treasury yields and tighter monetary policy weighed on equity valuations. Persistent inflationary pressures and higher energy prices contributed to a more cautious outlook, although continued strength in artificial intelligence-related and large-cap technology stocks helped limit the index’s decline amid broader market weakness.

The FTSE 100 declined 2.0% during September as higher energy prices intensified inflation concerns and pushed UK government bond yields higher. Expectations that the Bank of England may need to maintain tighter monetary policy weighed on investor sentiment, while gains among the index’s major energy companies BP & Shell weren’t enough to offset the downward pressure on other sectors.

Japan's Nikkei 225 rose 0.7% during the month, with a late-September rally led by AI and semiconductor related technology companies helping keep the index above 66,000. This was despite the Bank of Japan lifting interest rates to the 31-year high, as investors interpreted the 7-2 split vote as a sign the central bank will be less aggressive in the short-term. Meanwhile, the yen continued to weaken against the US dollar, supporting the index heavyweights that rely on export demand.

The Australian All Ordinaries Index mirrored its global counterparts and declined 3.3% during September, with interest rate, inflation and geopolitical concerns putting pressure multiple sectors. Lower commodity prices including gold, lithium and iron ore meant that Australian mining companies felt this persistent pressure throughout the month, while the real estate sector felt the impact of higher interest rate expectations. The WA Index underperformed the broader market, falling by 5.2% due to its high exposure to the major mining companies.

Download the list of WA’s top 100 listed companies as at 30 September 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 weakened through September 2026, spot price falling by approximately 5.4% from US$4,430/oz at the beginning of the month to around US$4,192/oz by month-end. Prices initially remained elevated, with spot gold reaching an intramonth high of approximately US$4,466/oz in early September, before trending lower as expectations for tighter US monetary policy increased. During the Federal Reserve's September policy meeting, the Fed raised interest rates by 25 basis points to a target range of 3.75%–4.00% and indicated that further tightening could be required. Initially strengthening the US dollar and weighing on gold. Gold briefly recovered following the decision as investors assessed the extent to which tighter monetary policy had already been priced into markets, but selling pressure resumed later in the month. The decline accelerated in the final week, with gold falling to a low of US$4,144/oz.

Lithium: Lithium Carbonate prices fell sharply through September 2026, falling by approximately 23% from US$23,870/t at the beginning of the month to around US$18,310/t by month-end. The decline accelerated after the Shanghai Metals Market revised its methodology for measuring Chinese lithium carbonate inventories, with reported stockpiles increasing to 175,000 tonnes from 78,800 tonnes, heightening concerns over the extent of excess supply. The weaker outlook was compounded by expectations of increased Australian production as previously suspended operations returned to the market, adding to concerns around near-term oversupply. Ongoing regulatory uncertainty at CATL’s Jianxiawo mine provided some offset to this downward pressure by delaying the potential return of a significant source of Chinese supply. Overall, sentiment during September was dominated by higher perceived inventories and expectations of growing supply. Investors will continue to monitor Chinese inventory levels and the pace of supply growth over the remainder of 2026.

Brent Crude: Despite significant volatility during the month, Brent Crude increased modestly through September 2026, rising from approximately US$90.49/bbl at the beginning of the month to around US$98.03/bbl by month-end, an increase of approximately 8%. Prices remained elevated amid ongoing disruption to Strait of Hormuz shipping and limited global supply buffers. Brent climbed above US$105/bbl in mid-September after drone attacks damaged Saudi Arabia’s East-West Pipeline, threatening a key alternative export route that bypasses the Strait of Hormuz. Prices subsequently eased as Saudi Arabia redirected crude shipments through Persian Gulf terminals, which increased supply to the market despite the pipeline disruption. Prices eased further later in the month as Middle Eastern oil flows recovered towards levels seen before the conflict, relieving fears of a sustained supply shortage. Kpler estimated Middle East Crude exports reached 16.3 million barrels per day in September, the highest since the conflict began, while Goldman Sachs estimated broader regional oil exports had returned broadly in line with their 2025 average by late September. Nevertheless, continued security risks around the Strait of Hormuz left the market exposed to renewed supply disruption.

LNG: LNG prices remained volatile through September 2026, with Asian JKM rising from approximately US$23.40/MMBtu at the beginning of the month to US$25.29/MMBtu by 30 September, while European TTF broadly increased from US$23.16/MMBtu to US$23.95/MMBtu. Prices rose sharply during the first half of the month, with both JKM and TTF reaching above US$28/MMBtu as escalating Middle East tensions, competition between Asia and Europe for winter LNG cargoes and concerns over supply availability increased geopolitical risk premiums. Both benchmarks subsequently eased as geopolitical tensions moderated. European gas supplies improved with expectations of warmer European weather alongside higher renewable energy generation from wind power. Northeast Asian spot demand remained subdued in Asia, although continued South Asian procurement and uneconomic US-to-Asia arbitrage provided some support to JKM.

Performance of WA Index and Global indices

Top 20 performers of the month: 

PDI Gold Limited (ASX: PDI): PDI Gold Limited (previously known as Predictive Discovery Limited) rose three places to 19th in the Deloitte WA Index to enter the Top 20, with market capitalisation increasing by 16.5% during September 2026 from $4.14 billion to $4.82 billion. During September, the investor confidence was supported by an updated Mineral Resource and Ore Reserve statement which reported total Mineral Resources of 10.1Moz alongside Ore Reserves of 4.8Moz, with the merger with Robex Resources Inc. in April 2026 adding approximately 4.0Moz of Mineral Resources and 1.5Moz of Ore Reserves. Following the Robex merger, PDI Gold Limited’s expanding operating portfolio comprises the producing Kiniéro and Nampala gold mines and the Bankan Gold Project which continues to progress towards their 2026 Group production guidance maintained at 198,000–220,000 ounces. FY26 annual reporting showed revenue of US$202.9, US$100.9 million of cash margin from operations and US$193.7 million cash balance, reflecting the company's transition from a development-stage business to a diversified gold producer. Together, the expanded resource and reserve base, established production platform and strengthened financial position provided a supportive backdrop to PDI Gold Limited's market capitalisation growth during September.

Northern Star Resources Limited (ASX: NST): Northern Star Resources Limited maintained its position at 4th in the Deloitte WA Index, with market capitalisation increasing 5.7% during September 2026 from $33.37 billion to $35.26 billion. During September, Northern Star Resources Limited confirmed that it had received and rejected an unsolicited, conditional and non-binding acquisition proposal from Gold Fields Limited, which initially offered an equity value of $38.7 billion and $27.00 per share, representing a 22% premium to Northern Star’s closing share price on 11 September. The Board unanimously rejected the proposal on the basis that it materially undervalued Northern Star and did not reflect the fundamental value and growth profile of its portfolio. Confidence in the company’s growth outlook was further supported by progress on the KCGM Fimiston Mill expansion, with Stage 1 commissioning underway during September and continuing through October, while completion of Stage 2 is expected in late H1 FY27 and is anticipated to deliver a 1–2% uplift to recovery. The company also highlighted its strong FY26 financial position, reporting underlying EBITDA of $4.3 billion and underlying NPAT of $1.8 billion, alongside a 55 cents per share of dividends for FY26 and continued execution of its $500 million share buy-back program.

Ramelius Resources Limited (ASX: RMS): Ramelius Resources Limited rose two places to 12th in the Deloitte WA Index, with market capitalisation increasing 2.3% during September 2026 from $7.24 billion to $7.41 billion. During September, the company completed the $300 million sale of the Edna May Gold Hub to Forrestania Resources Limited (ASX: FRS), receiving $210 million in cash and 225 million Forrestania shares valued at $90 million, resulting in Ramelius holding approximately 9.4% of Forrestania’s shares. Confidence in the company’s growth outlook was reinforced by the release of its four-year outlook and FY27 guidance, which increased targeted FY30 gold production to 560,000–610,000 ounces, an 11% increase on the October 2025 plan and 205% above FY26 production, while FY27 guidance was set at 205,000–225,000 ounces at an AISC of $2,150–$2,350/oz. The company also appointed Primero as EPC (Engineering, Procurement and Construction) contractor for the new 3Mtpa circuit at Mt Magnet, with the expansion targeted for completion in the December 2027 quarter and commercial production in the March 2028 quarter, supporting Ramelius’ longer-term production growth plans. Further, the Rebecca-Roe Project reached a further permitting milestone on 28 September, with the Roe Project receiving its Part 5 Works Approval, leaving only routine Mining Act approvals outstanding.

The Top 100 performers of this month were: 

Solstice Minerals Limited (ASX: SLS): Solstice Minerals climbed 14 places to 83rd in the Deloitte WA Index after its market capitalisation increased by 31.0% during September 2026 to $471m. Two further releases from the Nanadie Copper-Gold Project extended the momentum established by its late-August drilling results. On 17 September, diamond tail NANRCD033 returned 52m at 0.71% copper from 406m beyond the current Mineral Resource boundary, with 29 September results going further, NANRCD001 returning 169.3m at 0.87% copper and 0.29g/t gold, including 73.3m at 1.07% copper. Both drill holes in that release intersected mineralisation more than 300m below the resource boundary, while step-out drilling extended the system to at least 1.5km in length. Because these intercepts sit well outside an existing Inferred resource of 40.4Mt at 0.4% copper, results of this width and grade point to a materially larger system than had previously attributed to Nanadie. SLS’s inclusion in the All-Ordinaries index from 21 September broadened the company's market visibility, while its strong balance sheet; with approximately $45m in cash and no debt, supported confidence that Solstice could maintain an intensive exploration program and continue to deliver results from its extensive assay pipeline.

Forrestania Resources Limited (ASX: FRS): Forrestania Resources’ market capitalisation increased 30.8% during September 2026 to $759m from an August close of $580m, reflecting an expansion of the company's issued capital as opposed to an increase in share price. On 4 September, Forrestania completed its $300m acquisition of the Edna May Gold Project from Ramelius Resources, issuing 225 million shares to Ramelius as part-consideration alongside 537.8 million shares under the second tranche of its $310m placement at $0.40 per share. Together with shares issued for services, approximately 787 million new shares were issued during the month, while the share price eased from approximately $0.37 to $0.32. The acquisition gives Forrestania a second processing hub alongside Lake Johnston, and lifted its global resource to approximately 2.08Moz. The company then declared a maiden Edna May Ore Reserve of 402,800 ounces, supported by a Pre-Feasibility Study projecting $728.7m in pre-tax free cash flow over a ten-year mine life, together with maiden reserves at Tycho and Johnson Range, and resource upgrades at British Hill and The Ladies sites. Inclusion in the VanEck Junior Gold Miners ETF on 18 September broadened the company's exposure to international investors as it progresses towards a two-hub production strategy.

BCI Minerals Limited (ASX: BCI): The salt and potash producer boasted a market capitalisation of $1.82 billion at the end of September, representing a 25.3% increase during the month. The share price extended a re-rating that followed the release of its FY26 results in August, reaching a ten-year high in the first week of September and closing the month at approximately $0.62 per share. Investors increasingly priced BCI as an emerging industrial minerals producer as the Mardie Salt Operation moved closer to completion. Construction reached 85% at the end of FY26, 49,000 tonnes of salt were crystallised during the year, and the estimated cost to complete of $258m sits well within available funding and liquidity of $423m, supporting the company's position that the project is fully funded. Binding offtake agreements covering 62% of forecast salt production over the first three years further reduce commercial risk during ramp-up, with the first salt shipment targeted for the March 2027 quarter, subject to weather conditions.