From The Australian:
West Australian stocks crash as gloom replaces boom
THE market value of Western Australia's top 100 listed companies has recorded its sharpest drop since the global financial crisis hit, providing further evidence that negative sentiment is crushing resources stocks.Highlighted companies in the Deloitte report:
The Deloitte WA Index, released today at the opening of the annual Diggers & Dealers conference in Kalgoorlie-Boulder, shows that the market capitalisation of WA listed companies, predominantly resources stocks, fell 23.2 per cent over the past year to $140.7 billion.
Since the index first started 12 years ago, only one year has recorded a steeper drop, a 38.5 per cent fall in 2009 following the global financial crisis.
Deloitte WA managing partner Keith Jones said it had been a tough year in the market and the decline on the index, which highlighted the performance of WA listed companies over the past 12 months, reflected the tough operating conditions compounded by falling commodity prices, cost blowouts and skills shortages....MORE
...We recognise the exceptional growth of three mining companies over the past 12 months. These companies were:
- Evolution Mining Limited, which increased its market capitalisation from AU$242m to just over AU$1.0bn over the year ended 30 June 2012
- Northern Star Resources Limited, which increased its market capitalisation from AU$140m to AU$314m over the year ended 30 June 2012
- Papillon Resources Limited, which increased its market capitalisation from AU$112m to AU$238m over the year ended 30 June 2012