Lates News

The widespread surge in the metal market has driven up the stock price of BHP Group, helping this global mining giant to surpass the Commonwealth Bank of Australia as the country's highest market value company. On Tuesday, the company's stock price rose by 3.4% at one point, pushing its market value to over 253 billion Australian dollars (equivalent to 175 billion US dollars). Currently, it accounts for 9.3% of the benchmark S&P/ASX200 index, while the Commonwealth Bank of Australia's weight has fallen below this level. The bank has held the top spot since October 2024. The surge in prices of metals such as copper (which make up nearly half of BHP's revenue) at the end of the fiscal year boosted global mining stocks. The possibility of an interest rate hike in Australia has also driven funds to shift from banks to the materials sector. The mining category index in the country's stock benchmark has surged by 42% in the past 12 months, while the financial category index has only risen by 2% during the same period.