Miners and Gold Power Index to Fresh Highs
Resources Reclaim Market Leadership
The ASX Weekly Market Wrap shows a decisive return of resource leadership, with miners and gold producers driving the benchmark to another record close as earnings season concluded on a high note.
The S&P/ASX 200 rose 1.29% to finish at 9,198.6, marking a fresh all-time high, while the All Ordinaries gained 1.42%, confirming that the rally extended beyond just the mega caps.
Materials dominated performance. Consumer Staples provided secondary support.
Banks, healthcare and discretionary names quietly softened, creating a clear rotation back toward hard assets and earnings leverage plays.
Earnings Season Ends with Strength
Reporting season wrapped with several standout beats that shifted momentum sharply toward the mining complex. BHP Group broke above its previous 2021 peak of $54.55 and reached $58.29 intraday, marking the highest share price in its 140-year history and reasserting its position ahead of Commonwealth Bank as the ASX’s largest listed company.
That move reinforces the copper and iron ore super major narrative that has been building steadily through February. Fortescue climbed 5.49% to $21.14 following its first half FY26 result, while Rio Tinto added 2.47% to $167.33 as iron ore sentiment stabilised despite softer spot pricing.
At Mineral Resources, first half EBITDA surged 286% to $1.2 billion, reigniting confidence across diversified miners and lithium exposed names.
Lithium and Rare Earths Back in Focus
Battery materials delivered some of the most aggressive moves of the week as earnings surprises forced a sharp repositioning by investors.
PLS Group rallied 24.16% to $5.19 after reporting a 241% jump in first half EBITDA, while Lynas Rare Earths soared 21.05% to $18.98 as net profit rebounded strongly to $80.2 million from just $5.9 million a year earlier.
The numbers shifted sentiment quickly. Metals and Mining finished the week up 8.12%.
Investors had been cautious on lithium for months, but the scale of these beats suggests cost bases are stabilising and pricing discipline is returning faster than the market anticipated.
Gold Miners Leverage Bullion Strength
Gold names added further fuel to the rally as bullion climbed 3.92% for the week to trade around US$5,200 per ounce, maintaining strong year to date momentum. Evolution Mining gained 10.17% to $16.58 and touched an intraday record of $16.99, while Northern Star rose 6.88% and Newmont added 5.73%.
The Gold Index rose 7.57%. Silver jumped 13.61%, copper climbed 4.74%, and nickel advanced 6.51%, confirming broad strength across the metals complex even as iron ore slipped 0.58% for the week.
Gold remains the standout story.
ASX Sector Performance – Weekly Moves
Leadership rotated decisively back toward resources and Staples, while rate sensitive and defensive growth segments eased.
| Index / Sector | Weekly Move |
|---|---|
| S&P/ASX 200 | +1.29% |
| All Ordinaries | +1.42% |
| S&P/ASX 300 | +1.33% |
| Materials | +7.41% |
| Consumer Staples | +4.99% |
| Information Technology | +2.30% |
| Communication Services | +1.62% |
| Industrials | +0.73% |
| Energy | +0.30% |
| Utilities | -1.10% |
| Financials | -1.23% |
| Health Care | -1.46% |
| A-REITs | -1.74% |
| Real Estate | -1.81% |
| Consumer Discretionary | -3.32% |
| Gold Index | +7.57% |
| Metals & Mining | +8.12% |
The divergence was clear. Hard assets outperformed. Rate exposed sectors lagged.
Global Index Performance
Global markets paused slightly after an extended run, with US equities consolidating while Japan continued to power ahead.
| Global Index | Weekly Move |
|---|---|
| S&P 500 | -0.44% |
| Dow Jones | -1.31% |
| Nasdaq Composite | -0.95% |
| FTSE 100 | +2.09% |
| DAX 30 | +0.09% |
| Nikkei 225 | +3.56% |
| Hang Seng | +0.82% |
The Nikkei 225 remains a relative outperformer, while the S&P 500 and Nasdaq Composite cooled modestly following recent strength.
Major Resource and Gold Movers
The following names drove the weekly narrative:
| Company | Weekly Move | Price Reference |
|---|---|---|
| BHP Group | Record high | $58.29 intraday |
| Fortescue | +5.49% | $21.14 |
| Rio Tinto | +2.47% | $167.33 |
| Evolution Mining | +10.17% | $16.58 |
| Northern Star | +6.88% | $30.28 |
| Newmont | +5.73% | $177.20 |
| PLS Group | +24.16% | $5.19 |
| Lynas Rare Earths | +21.05% | $18.98 |
These moves alone explain much of the index strength.
Commodities Snapshot
| Commodity | Weekly Move | Comment |
|---|---|---|
| Gold | +3.92% | Around US$5,200 per ounce |
| Silver | +13.61% | Strong rebound |
| Copper | +4.74% | Consolidating at high levels |
| Nickel | +6.51% | Rebound within uptrend |
| Uranium | +1.13% | Up ~9% YTD |
| Iron Ore | -0.58% | Down ~7.6% QTD |
| WTI Crude | -1.88% | US$65.39 |
| Brent Crude | -1.27% | US$71.00 |
Recent commentary from Westpac continues to highlight gold as the strongest structural theme into late 2026, with copper and nickel supported by supply discipline while iron ore remains comparatively subdued.
What to Watch Next Week
Earnings season has largely concluded. Attention now shifts to the ex dividend calendar, which may generate mechanical price adjustments across banks, miners and large caps even if underlying fundamentals remain stable. Price weakness may not signal deterioration. It may simply reflect dividend adjustments.
Resources are back in control, gold is attracting renewed capital flows, and earnings leverage has returned to the forefront of investor positioning.