The Deloitte WA Index recovered some lost ground during February, with the market caps of locally listed companies comprising the Index increasing by 3.6% to close the month at $132.3 billion.

Deloitte clients and markets partner WA Tim Richards said last month’s increase was largely driven by the recovery in crude oil and coal prices over the period, which saw respective increases of 27.1% to $US61.06, and 13.2% to $71.45, as well as market capitalisation increases by some resource sector heavy hitters like Woodside, Fortescue Metals Group and Iluka Resources.

“Although crude oil and coal prices recovered during the month, it is unlikely that smooth sailing conditions have arrived just yet, as the global market needs to resolve issues of continued production increases which are driving oversupply in the market,” Richards said.

Beyond WA, the All Ordinaries jumped 6.2% during the month, which Deloitte put down to the first interest rate cut since August 2013 and the aforementioned commodity price rebounds.

Deloitte noted OPEC’s plan to refuse to cut output “may have begun to work”, with BHP Billiton announcing a 15% cut in shale oil capital expenditure for 2015, and US drill rig activity beginning to drop.

As for coal, the fall in demand has led to Australia’s largest miner Glencore to reduce exports by 15 million tonnes this year.

The big mover was Decmil Group, which experienced a 23% ($44 million) increase in market capitalisation, climbing to $238 million, having announced a 48% boost in revenues to $389.9 million and achieving growth despite tough conditions in its traditional markets.

Decmil’s Homeground Villages recently signed a three-year software licensing agreement with Enverro, a leading provider of a cloud-based workforce management platform for the energy, resources and construction sectors.

Wesfarmers’ market cap rose from $48.98 billion at the end of January to $49.27 billion at the end of February, while Woodside also rose from $28.24 billion to $28.98 billion during that time.