The state’s Business News BN30 Index raised its head above 200 points after dipping below that level yesterday for the first time in two and half years, weighed down by global volatility.
The state’s real time snapshot of market sentiment, Business News BN30 Index, has raised its head above 200 points after dipping below that level yesterday for the first time in two and half years weighed down by global volatility.
The index finished today at just over 204.2, up 2.7 per cent from the 198.7 point close on Monday, although it did not fully make up the almost 4.5 per cent loss since the ASX closed on Friday with the BN30 at 207.9.
By comparison, the ASX S&P 200 index gained 2.3 per cent today, clawing back little more than half of yesterday's 4.23 per cent fall.
The biggest single loser in the period was Mineral Resources which saw its shares drop more than 13 per cent for the period, impacted by a class action against for the firm as much as the global uncertainty which also hit commodity price-linked stocks.
Founder and chief executive Chris Ellison personally saw the value of his stake in Mineral Resources drop $109 million yesterday, with a further 34 cent fall today to $16.38 per share to cost him a further $7.6 million.
Few stocks that make up the BN30 stayed in positive territory yesterday, with huge losses across global markets driven by wide-ranging new US tariffs the key driver.
The biggest winner, Strike Energy, gained 17 per cent today, having lost 7 per cent on Monday.
Other stocks which impacted the index were Wesfarmers and Woodside Energy which both slumped more than 4 per cent for the week ending Monday April 7, but both rebounded today.
Wesfarmers gained $2.05, up almost 3 per cent to $70.58 per share, while Woodside was up 3.33 per cent to $19.89 a share.
Shipbuilder Austal, which derives most of its earnings from the already heavily protected US market, add almost 3 per cent today after holding firm during the past day despite the global rout.
Commenced at the start of 2016, the BN30 is a composite index of 30 listed WA-focused or headquartered stocks that largely reflect the state’s economic activity and fortunes - an analogy would be the basket of goods used to create the Consumer Price Index.
It follows the original formula of the world’s most watched stock market index, the Dow Jones Industrial Average.
