The Deloitte WA Index has climbed to a four month high of $111.9 billion, marking a 53.8% rise in the Index since February this year.
“May marks the fourth consecutive month of positive growth for the WA Index, following strong growth in both the mining and the oil & gas sectors” Deloitte Perth Office Managing Partner Keith Jones said.
Fortescue Metals Group paved the way, with market capitalisation increasing 21.3% in May following media coverage of a possible dual listing on the Shanghai Stock Exchange.
According to the index, other movers and shakers included Catalpa Resources, Comet Ridge and Grange Resources who recorded market capitalisation increases of 162.2%, 155.9% and 126.4% respectively.
Grange Resources announced that it had returned to its normal production rate of 2.5mtpa of magnetite concentrate at Savage River, following the repair of a mill that went offline in late February.
The commodities market performed well during the month in review, with gains made by all metals, except for Aluminium which dropped 3.6%.
Significant gains were made by Oil (29.7%), Nickel (19.3%), Lead (17.5%), Uranium (15.9%) and Tin (15.0%).