The metal boom boosts miners' valuations: BHP replaces Commonwealth Bank as Australia's new market cap champion

Glonghui, January 27｜The widespread surge in the metals market has boosted the share price of BHP Group, helping the world's largest miner overtake Commonwealth Bank of Australia to become the country's most valuable company. On Tuesday, the company's stock price once rose by 3.4%, pushing its market capitalization above AUD 253 billion (USD 175 billion). Currently, it accounts for 9.3% of the benchmark S&P/ASX200 index, while Commonwealth Bank of Australia's weighting has slipped below this level. Since October 2024, the bank had held the top spot. By the end of the fiscal year, soaring prices of metals such as copper—which account for nearly half of BHP's revenue—have boosted global mining stocks. In Australia, the possibility of interest rate hikes has also prompted a rotation of funds from banks to the materials sector. The mining sub-index in the country's stock benchmark index has surged 42% over the past 12 months, while the financial sub-index has risen only 2% over the same period.