Fortescue Metals Group founder Andrew Forrest’s fortunes rose about $600million for the month to $3.8 billion after a 20 per cent rise in the Fortescue share price.
Photo: Nic Walker
Strong performance by mining stocks in the BRW Rich Index suggest that the mining sector is still capable of providing market leading returns for smart investors.
While the mining boom is widely reported to have ended, several mining stocks held by members of the Rich 200 were stand-out performers in July.
The best performing stock in the Rich Index, which charts the performance of the collective portfolio of the country’s richest shareholders, was Gordon Merchant’s Billabong International, which was up 170 per cent for the month. The strong growth occurred after the announcement of a $294 million refinancing deal at the beleaguered surf wear business.
Next best was Peter Bond’s Linc Energy. It was up 97 per cent during July, which lifted Bond’s wealth by $161 million to $390 million.
The biggest rise in wealth in dollar terms was by Fortescue Metals Group founder Andrew Forrest. He is up about $600million for the month to $3.8 billion after a 20 per cent rise in the Fortescue share price.
Nickel and gold explore Sirius Resources had a good month. Its share price rose by 40 per cent in July, which added about $33 million to Mark Creasy’s wealth.
Other strong performances in the mining sector include Tony Poli’s Aquila Resources, which was up 17 per cent for the month and Chris Ellison’s Mineral Resources, which rose by 15 per cent.
Away from mining, Flight Centre continued its strong run returning Rich 200 member’s Graham Turner, Geoff Harris and Bill James 15 per cent lifts to their shareholdings. Turner’s holding alone was up about $90 million for the month, which helps push up his net wealth to $820 million.
The BRW Rich Index significantly outperformed the market in July. It was up 9.6 per cent for the month compared to the S&P/ASX200, which was up 5.2 per cent.