The huge jump, which put the total value of the ASX-listed resources companies in Queensland at $32.2 billion, was on the back of a weakening currency and surging coal and lithium prices.

The consumer sector came in as the second biggest on the index with a value of $31.5 billion after a fall of $3.3 billion in the quarter.

The overall Queensland index remained resilient to the headwinds affecting the market. It fell by 0.01 per cent in the quarter, which meant it outperformed the All Ordinaries, the FTSE 100 and the Dow Jones.

Deloitte Financial Advisory partner and Queensland mergers and acquisition leader Rob McConnel said the index performance showed how the Queensland economy could leverage its strengths.

“The energy and resources sector remains a significant contributor to the Queensland economy, as the value of key commodity exports rose in the high energy price environment,” McConnel said.

The fall in the consumer sector was attributed to inflation, consumer spending and production costs.

Some of the big movers in the quarter were Domino’s (-24 per cent), NEXTDC (-21 per cent), Sayona Mining (+57 per cent), Megaport (+43 per cent), terracom (+67 per cent), Bowen Coking Coal (+45 per cent), Far East Gold (+140 per cent), AJ Lucas (+103 per cent) and State Gas (97 per cent).

“Interest rate rises brought about by inflation fears have, however, put downward pressure on company valuations, leading to caution among investors. However, rising interest rates are yet to have a visible impact on corporate profits and the appetite for quality assets from seasoned investors remains strong,” he said.