Sydney, Feb 4, 2026, 17:44 (AEDT) — Market closed.
- South32 finishes up 6.3% at A$4.80, marking its highest close in three years
- Materials stocks drove the ASX 200 higher, closing up 0.8%
- Attention shifts to South32’s half-year results and interim dividend announcement on Feb. 12
Shares of South32 Ltd (S32.AX) climbed 6.3% Wednesday, finishing at A$4.80—a peak not seen in three years—as miners pushed the Australian market higher by the close. The S&P/ASX 200 index gained 0.8%. (Investing)
Materials climbed 2.9% and energy added 2.4% in afternoon trading, but tech fell sharply, down 7.6%, pushing the index to lean heavily on resources once more. This trend emerged rapidly after Tuesday’s rate decision, while other sectors remained unsettled. (Market Index)
The Reserve Bank of Australia lifted its cash rate by 25 basis points to 3.85% on Tuesday, marking its first increase in two years. Governor Michele Bullock commented, “We are in a position where we think we might be around neutral in terms of financial conditions.” Traders are now pricing in a high likelihood of another hike in May. (Reuters)
Commodity markets whipped around sharply. Gold dropped 5% on Monday, with silver plunging over 7%. Oil tumbled nearly 5%, and copper on the London Metal Exchange slipped 3% after U.S. President Donald Trump appointed Kevin Warsh as the next Federal Reserve chair. “Markets selling both precious metals and U.S. equities points to investors seeing Warsh as more hawkish,” said Vivek Dhar, commodities strategist at Commonwealth Bank of Australia. Adding to the pressure, CME Group hiked margin requirements on metals futures — the cash traders need to hold positions — pushing leveraged players to reduce risk quickly. (Reuters)
Precious metals bounced back sharply the next day as bargain hunters moved in. Spot gold surged 5.2% to $4,906.82 an ounce, while silver gained 4.8% to $83.23, according to Reuters. Peter Grant, vice president and senior metals strategist at Zaner Metals, called the recent drop a “corrective” move within a long-term uptrend. Jeffrey Christian from CPM Group added that prices are likely to “resume their longer term rise at a more sustainable pace.” (Reuters)
South32 finds itself at the heart of the commodity buzz. The Perth-based miner churns out alumina and aluminium, operates manganese mines across Australia and Southern Africa, and holds stakes in copper and the silver, lead, and zinc produced at Cannington, Reuters reports. (Reuters)
The share surge seemed driven by a straightforward bet on resources, not any new company news. But such a steep rally could make for a shaky session ahead if metals slip or the Australian dollar continues its climb.
South32 is gearing up to release its half-year results for the period ending Dec. 31, with an interim dividend decision expected on Feb. 12, according to a recent filing. The ex-dividend date will fall in early March, and payments are projected for around April 2. (TradingView)
Investors are tuning in for any updates on costs and production, and whether the board mentions cash returns. After a rally like this, the market zeroes in on shifts, not the status quo.
There’s a significant caveat. A Reuters poll this week found analysts still see copper and aluminium holding up well among base metals in 2026, but they warned that January’s sharp price spikes aren’t likely to last. Predictions for lead and zinc were much more cautious, suggesting that if speculative fervor cools, support across the metals sector could become patchy. (Reuters)
South32’s Feb. 12 earnings and interim dividend announcement is the next key event. The schedule also shows ex-dividend dates in early March, with payments due around April 2. After a one-day rally, the company faces little margin for error in this report. (Investegate)
