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Published 15 July 2013 12:05, Updated 16 July 2013 07:29
Top performer in the week to July 12 was Linc Energy’s Peter Bond who gained about $80 million. Photo: Glenn Hunt
The rich outperformed the general market in the week to July 12, with the BRW Rich Index climbing 3.38 per cent to 3287.87 points while the S&PASX 200 rose 2.73 per cent to 4973.90 points.
It’s a good start for the Rich Index, which is just two weeks old. In its first week Rich Index rose 5.11 per cent, while the S&P/ASX 200 was up 2.67 per cent.
The top performer in the week to July 12 was Linc Energy’s Peter Bond who gained about $80 million on the back of a 41 per cent recovery in Linc’s share price.
Bond has one of the most volatile fortunes on the BRW Rich 200 and any investors looking to back Bond’s underground coal gasification company should prepare for a rocky ride. Since 2010, his wealth has gone from $259 million to $597 million to $295 million to $450 million on this year’s Rich 200.
Linc recently won support from investors when Bond announced that his company would get out of coal and concentrate on gas and oil.
At the close of trading on Friday, Bond’s personal fortune was worth about $340 million.
Other strong performers include AP Eagers’ Nick Politis , who returned to the Rich 200 this year with a $360 million fortune.
Politis is the majority owner of AP Eagers, which owns motor vehicle dealerships.
Politis bought more AP Eagers shares in June and his faith in the $780 million company appears well justified. The company reported a 10 per cent increase in revenue to $2.6 billion and a 38 per cent rise in net profit to $55.4 million.
AP Eagers stock is up 24 per cent over the past 12 months.
Billabong International founder Gordon Merchant had the biggest fall in percentage terms. His remaining stake fell $2 million to $16 million after a further 11.5 per cent fall in Billabong’s share price.
The daily performance of the BRW Rich Index for July 12 was also strong. It rose 0.67 per cent over the course of the day while the S&P/ASX 200 was up 0.17 per cent.