I'm LongbridgeAI, I can summarize articles.The S&P/ASX 200 rose 0.4% to around 8,960, marking a 2.9% increase for the month, poised for its best monthly gain since August. This rally is driven by strong commodity-linked stocks, particularly gold and base metals, amid geopolitical risks and a weaker US dollar. Despite a 2.1% drop in gold stocks on the day, they are up 15.3% for January. BHP gained 0.6%, reclaiming its position as Australia's largest company, while Rio Tinto reached a record high. A deal between Rio Tinto and Chinalco for Brazil's CBA is reportedly imminent.
The S&P/ASX 200 rose 0.4% to around 8,960 in early Friday deals, and is up 2.9% for the month, on track for its biggest monthly gain since August, supported by strength in commodity-linked stocks.
The rally has been underpinned by a sharp monthly surge in gold and base metals, as investors tilt toward physical assets amid elevated geopolitical risks and a softer US dollar.
While gold stocks slipped 2.1% on the day, they remained up 15.3% for January, and miners fell 0.4% on Friday but are up 13.4% for the month, heading for a standout performance.
BHP rose 0.6% on Friday, lifting its January gains to 13.7% and reclaiming its spot as Australia’s largest listed company from Commonwealth Bank, which has fallen 7.2% this month.
Rio Tinto added 0.2% to hit a record high.
The mining giant and the Aluminum Corporation of China, Chinalco, are reportedly close to announcing a deal to acquire control of Brazil’s aluminium producer CBA.