Sydney, January 28, 2026, 17:49 AEDT — The market has shut for the day.
- South32 shares closed up 1.3% at A$4.56, hitting a high of A$4.59 earlier.
- Robust Australian inflation data have raised expectations of a rate hike by the RBA next week.
- Gold and silver climbed as the U.S. dollar pulled back ahead of the Fed meeting.
South32 Ltd shares climbed 1.3%, ending Wednesday at A$4.56, after briefly touching a 52-week high of A$4.59. Around 15.35 million shares changed hands during the session.
Traders are recalibrating interest rate bets after Australian core inflation came in hotter than expected, putting fresh pressure on the Reserve Bank of Australia’s next decision. The trimmed mean CPI, which strips out volatile prices, rose 0.9% for the quarter. Swaps, the market tool for gauging rate moves, now price in a 73% chance of a 25 basis point hike. ANZ economist Adam Boyton said policymakers might see this as “a single ‘insurance’ tightening, not the start of a series of rate hikes.” Reuters
Abroad, bullion kept its upward momentum. Spot gold surged past $5,200 an ounce, while silver nudged higher to about $115. The U.S. dollar dipped to its weakest point in nearly four years ahead of the Federal Reserve’s policy update. Ilya Spivak, head of global macro at Tastylive, said the “markets are just getting defensive ahead of (Fed Chair Jerome Powell’s remarks later today).” Reuters
Australian shares gave back some early gains after the inflation report, with the S&P/ASX 200 slipping 0.09% to finish at 8,933.9. The Aussie dollar stayed just under 70 U.S. cents near the close.
Resource heavyweights led the early gains, with BHP up 2.0% and Rio Tinto adding 1.4%, Market Index data shows.
South32 operates as a diversified miner with interests in alumina, aluminium, and manganese. At its Cannington site, it also mines silver, lead, and zinc. Its copper assets are based at Sierra Gorda in Chile, and the company is advancing the Hermosa base-metals project in the U.S., per its profile.
The stock hovers near its 52-week peak, yet momentum might falter fast if the U.S. dollar gains strength, metals prices fall, or central banks cool hopes for looser policy. Any hint of rising costs or softer volumes in the next update could spark a steep sell-off.
South32 will report its half-year results for the period ending Dec. 31 on Feb. 12. The company is also expected to announce an interim dividend then, as per its calendar.
