BHP shares near priciest valuation since 2021 on shift to miners
me-metals: BHP Group Ltd.’s stock is hovering near its priciest valuation in four years amid a resurgence in Australian material shares and a shift away from banks.
According to me-metals cited from mining.com, Shares of the world’s biggest miner are trading at around 14 times forward earnings, the highest level since January 2021 and above their five-year average, according to data compiled by Bloomberg. BHP reports full-year results on Tuesday.
BHP shares have been growing more expensive due to a “great rotation” out of banks and into miners that kicked off in June, said Tony Sycamore, a market analyst at IG Australia. The reshuffle is likely to continue, he added.
Australia’s mining sector has struggled in recent years as China’s economic slowdown weighed on iron ore demand, prompting investors to seek defensive plays like banks. That trade has started to unwind — a sub-gauge of local materials stocks rose 4.1% in July, notching its best month since September, while a measure of financial shares dropped 1% to underperform the benchmark S&P/ASX 200 Index.
source: mining.com
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