WA Index up 1.8pc in October
WA Index up 1.8pc in October

Renewed confidence in iron ore boosted the Deloitte WA Index by 1.8 per cent in October.

Deloitte's WA Mining Leader Tim Richards said renewed confidence in the short to medium term demand for steel had brought much needed relief to WA's iron ore industry, and was allowing producers to re-evaluate whether previously halted projects were now feasible.

The All Ordinaries outperformed the WA Index in October, boosted by the strength of key iron ore producers BHP Billiton Limited and Rio Tinto Limited, as well as strong performances from the big four banks which announced robust annual profits.

Investors remained cautious however on the back of the announcement of China's GDP data for the September quarter, which showed the nation's economy grew by 7.4 per cent year on year in the third quarter, the slowest rate since early 2009.

The West Australian

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