15.01.202607:00:27UTC+00Aussie Shares Hit 2-Month High as Miners Rally

The S&P/ASX 200 closed Thursday's trading session with a 0.5% increase, reaching 8,862—the highest point since November 3. The market benefitted from widespread gains, predominantly driven by a significant rise in mining stocks due to escalating prices of both base and precious metals. Notably, major mining companies achieved record closing levels for the third consecutive session, increasing by 1.1%, fueled by robust Chinese demand for iron ore. The mining sub-index has been on a consistent upward trajectory since mid-2025, recording a 40% uplift from July through December, and nearly an 8% gain thus far in the current month. BHP, the world's largest publicly traded miner, hit a peak not seen in over two years, while Rio Tinto, an iron ore mining leader, appreciated by 0.4%, reaching a one-week high. Both mining powerhouses have unveiled plans for a joint effort to develop neighboring Pilbara sites in Western Australia, with a goal to extract up to 200 million metric tons of iron ore. Meanwhile, financial stocks also climbed 0.5%, spearheaded by gains ranging from 0.4% to 2.6% among the 'Big Four' banks. Nonetheless, the banking sub-index has experienced a decline of over 1.5% this month, attributed to changes in policy and high valuations.