The S&P/ASX 200 finished 0.5% higher at 8,862 on Thursday, hitting its highest level since November 3, as broad-based gains lifted the market, led by a surge in mining stocks amid rising base and precious metal prices. Heavyweight miners hit record closing highs for a third straight session, rising 1.1%, supported by strong Chinese demand for iron ore. The sub-index has climbed steadily since mid-2025, gaining 40% between July and December and nearly 8% so far this month. The world’s largest listed miner BHP closed at its highest in over two years, while iron ore miner Rio Tinto rose 0.4% to a one-week high. The two mining giants announced plans to jointly develop neighboring Pilbara operations in Western Australia to extract up to 200 million metric tons of iron ore. Additionally, financial stocks ended 0.5% higher, led by the ‘Big Four’ banks which gained 0.4%–2.6%. However, the banking sub-index is down over 1.5% this month amid policy shifts and high valuations.
