SYDNEY, Jan 15, 2026, 11:44 AEDT
BHP Group shares climbed 2.9% to A$49.53 by late morning, narrowing the gap with Commonwealth Bank for the title of Australia’s most valuable listed company. The miner’s market cap hit roughly A$244.35 billion on Jan. 14, according to StockAnalysis.com data. 1
BHP remains behind CBA, which held a market cap near A$255.62 billion as of Jan. 14—about A$11 billion ahead. Market capitalisation is just share price times shares outstanding, and these giants often flip rankings on small daily shifts. 2
BHP climbed to the upper edge of its 52-week range, hitting A$49.58 in the session — marking its highest price over the past year. According to data from Investing.com, the stock’s 52-week range spans from A$33.25 to A$49.58. 3
Investors shifted toward miners as big banks lost ground. The S&P/ASX 200 rose 0.14% on Wednesday, driven by gains in materials, while the banking sector dipped 0.73%, according to a market report. 4
Next week marks a key date: Market Index has BHP’s quarterly report set for Jan. 20, with an interim report following on Feb. 17. 5
Talk of global deals continues to focus on major miners and their copper assets. “The mining space is consolidating,” Mark Kelly, CEO at MKI Global, told Reuters on sector M&A. RBC analyst Kaan Peker added, “BHP has a cleaner growth profile in copper… so I don’t think they need to do anything.” 6
BHP has moved to quell rumors it might enter the major deal discussions. The company isn’t currently considering a competing bid for Glencore and is expected to hold back as Rio Tinto’s negotiations proceed, according to two people familiar with the situation who spoke to Reuters. 7
The competition remains fierce. CBA continues to lead the ASX’s top rankings, while BHP and miners like Rio Tinto and Fortescue move in step with iron ore and copper trends.
But the “ASX crown” trade can flip quickly. A drop in bulk commodity prices, a dip in China-related demand, or a fresh surge in bank stocks could reopen the gap. Any unexpected pricey acquisitions would put mining valuations under pressure, too.
BHP is still playing catch-up. The final push could depend on next week’s production update and if investors continue shifting out of banks and into resources.
