BHP.AX Stock Today: January 28 — Reclaims ASX Top Spot on Commodity Rally
The bhp share price climbed today as commodities rallied and miners led the ASX higher. With stronger iron ore, copper, gold, and silver and better China sentiment, BHP.AX reclaimed top spot by value on the local market. Shares traded near A$50 as investors rotated toward resources leverage. We break down price action, market cap moves, valuation, and key catalysts. We also outline how commodity prices and AUD swings can affect near term earnings and the stock’s momentum.
BHP retakes ASX crown amid commodity surge
BHP overtook Commonwealth Bank to become the ASX’s most valuable company as resources outperformed on stronger commodity prices and improved China tone. Media reports highlighted broad gains across miners and a fresh record in gold, adding to positive risk appetite. This shift supports the view that investors prefer earnings tied to global demand upswings. BHP overtakes CBA as Australia’s most valuable company
The move reflects an ASX miners rally as traders priced better cash flow from iron ore and copper. Coverage noted BHP reclaiming the crown from CBA amid the sector’s strength, reinforcing resources leadership on the index. With macro sentiment improving, flows favoured cyclicals exposed to global growth and metals demand. BHP reclaims crown from CBA as the Biggest Australian
Price action and valuation snapshot
The bhp share price rose to A$49.75, up A$1.67 or 3.47%. Intraday ranged between A$49.55 and a fresh 52‑week high at A$50.08. Turnover reached 11.26 million shares versus a 7.70 million average, signaling strong interest. The stock sits above its 50‑day A$44.99 and 200‑day A$41.40 averages, confirming an established uptrend and price leadership within the ASX resources cohort.
At today’s close, BHP traded on a 18.48 P/E with a 3.53% trailing dividend yield and about a 71% payout ratio. Market cap stands near A$245.9 billion. Our Meyka Stock Grade is B+ with a Buy suggestion, and a separate company rating shows A‑ Buy. Income remains attractive, but investors should weigh cyclicality and capex needs against price momentum and near term commodity sensitivity.
Commodity prices and AUD sensitivity
Iron ore and copper strength were key supports for sentiment, while gold’s record added a safe haven bid that also helps diversified miners. Better China expectations aid bulk and base metals demand, improving cash flow assumptions. This backdrop sharpens focus on realised prices and shipping spreads, plus any updates on volumes from key assets in WA Iron Ore and the Americas.
For local holders, an AUD upswing can trim translated earnings given BHP reports in US dollars while the bhp share price trades in AUD. Conversely, a softer AUD can lift reported results. Near term, we watch currency moves alongside spot iron ore and copper to assess earnings run rate into February, when updated guidance and cost commentary will matter for valuation.
What’s next: catalysts and levels to watch
BHP’s next earnings update is due on 16 February 2026. We will track commentary on unit costs, sustaining capex, and capital returns. Priorities include iron ore volumes, copper growth projects, and any changes to payout policy. The bhp share price could be sensitive to outlook statements on China demand, US industrial activity, and progress across decarbonisation and productivity programs.
Momentum is firm: RSI sits at 70.92, signaling overbought, and ADX at 26.78 indicates a strong trend. Price is above the Bollinger upper band at A$47.80, and MACD remains positive. With the bhp share price well above the 50‑ and 200‑day averages, trend followers may stay engaged, but a consolidation toward A$48–A$49 would not surprise after a sharp run.
Final Thoughts
Today’s rally lifted the bhp share price to a new high as investors rotated toward resources on strong commodity prices and better China sentiment. BHP also retook the ASX valuation crown, underscoring confidence in cash flow from iron ore and copper. Valuation and yield remain reasonable for a mega cap, but momentum screens show overbought. Our near term playbook: watch iron ore and copper prints, track AUD moves, and focus on the 16 February earnings for costs, capex, and returns. For entries, scale positions, set clear risk limits, and use pullbacks toward rising moving averages to manage exposure.
FAQs
Why did BHP overtake CBA today?
A broad ASX miners rally on stronger commodity prices and improved China sentiment pushed the bhp share price higher. That lift expanded BHP market cap, allowing it to retake the ASX top spot from CBA. Rotation into resources leveraged earnings to metals was the key driver.
Is BHP overbought after today’s jump?
Short term signals suggest so. RSI near 70.92 is overbought and price closed above the Bollinger upper band. That often leads to consolidation. Trend remains positive with ADX at 26.78, so dips toward A$48–A$49 may offer better risk reward than chasing strength.
What could move BHP shares next?
The 16 February 2026 earnings update, spot iron ore and copper trends, and AUD moves are key. Any guidance on costs, volumes, and capital returns can sway the bhp share price. Macro data from China and the US that affects metals demand will also matter.
Is BHP attractive for dividends now?
BHP’s trailing dividend yield is about 3.53% with a payout ratio near 71%. It offers income plus exposure to commodity cycles. Remember dividends vary with earnings and prices, so investors should weigh stability, balance sheet strength, and their risk tolerance before relying on distributions.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
