For the first time in more than a year, Australia's crown for the most valuable listed company is up for grabs. Commonwealth Bank's extraordinary run as the ASX heavyweight champion under real pressure, with BHP now just 8.5% shy of reclaiming the top spot.
The changing of the guard isn't simply about two companies trading places. It reflects a deeper rotation in investor sentiment, away from stretched valuations in defensives and towards the earnings power of commodities in a world hungry for critical minerals, data centres and electrification.
The Great Reversal. . .
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