Mining behemoth BHP (ASX:BHP) has reclaimed its crown as the most valuable company on the ASX, overtaking the Commonwealth Bank of Australia (ASX:CBA) for the first time since October 2024.
On Jan. 27, BHP shares surged 2.7% to close at $49.75, propelling the group’s market capitalisation to $252.7 billion.
This rally narrowly edged out CBA, which ended the session valued at $251.14 billion.
While the banking sector has faced headwinds—with CBA shares retreating from July 2025 highs as investors weigh compressed margins and interest rate impacts—BHP has capitalised on a powerful commodities bull market.
The miner's valuation has been bolstered by a 22% gain over the past six months, fueled by record-breaking prices in base and critical metals.
Copper, a key portfolio staple for BHP, recently hit historic highs near US$14,000 a tonne, while the broader mining sub-sector has outpaced the ASX 200 index with a 37% gain during the same period.
While the stock is currently trading near consensus targets, bullish firms like Goldman Sachs have set price targets as high as $58.80, anticipating a sustained earnings run across iron ore, copper, and gold.
As the February reporting season approaches, the ASX 200 is again nearing record highs, closing Jan. 27 at 8941.6 points amidst a renewed sense of global economic optimism.
At the time of reporting, BHP's share price was $49.93.