Sydney, January 28, 2026, 17:49 AEDT — The market has closed.
- South32 shares ended 1.3% higher at A$4.56, after reaching a peak of A$4.59.
- Strong Australian inflation figures have boosted bets on a rate hike by the RBA next week.
- Gold and silver pushed higher, fueled by a retreat in the U.S. dollar ahead of the Fed meeting.
Shares of South32 Ltd rose 1.3% to close at A$4.56 on Wednesday, hitting a new 52-week peak of A$4.59 during the session. Trading volume reached roughly 15.35 million shares. (Investing)
The shift comes as traders adjust interest rate expectations after Australian core inflation surprised on the upside, intensifying scrutiny on the Reserve Bank of Australia’s upcoming move. Trimmed mean CPI — which excludes volatile price changes — climbed 0.9% over the quarter. Swaps, used to price rate expectations, now show a 73% probability of a 0.25 percentage point hike. ANZ economist Adam Boyton suggested policymakers might view this as “a single ‘insurance’ tightening, not the start of a series of rate hikes.” (Reuters)
Overseas, bullion’s rally pressed on. Spot gold climbed above $5,200 an ounce, while silver edged up to around $115, as the U.S. dollar slipped to its lowest level in nearly four years ahead of the Federal Reserve’s policy announcement. Ilya Spivak, head of global macro at Tastylive, noted that “markets are just getting defensive ahead of (Fed Chair Jerome Powell’s remarks later today).” (Reuters)
Australian shares lost steam following early gains after the inflation data release. The S&P/ASX 200 edged down 0.09%, closing at 8,933.9. The Aussie dollar hovered just below 70 U.S. cents toward the end of trading. (ABC)
Resource giants pushed the market higher earlier, with BHP climbing 2.0% and Rio Tinto gaining 1.4% in morning deals, according to Market Index data. (Market Index)
South32 is a diversified miner involved in alumina, aluminium, and manganese. It also produces silver, lead, and zinc at its Cannington site. The company’s copper stake comes from Sierra Gorda in Chile, while it’s moving forward with the Hermosa base-metals project in the U.S., according to its profile. (Reuters)
The stock sits close to its 52-week high, but momentum could slip quickly if the U.S. dollar strengthens, metals prices drop, or central banks dampen expectations for easier policy. Even a slight sign of rising costs or weaker volumes in the upcoming update could trigger a sharp sell-off.
South32 is set to release its half-year results for the period ending Dec. 31 on Feb. 12, also deciding on an interim dividend, according to its calendar. (Investegate)
