Photographer: Carla Gottgens/Bloomberg

Miner Recovery Pushes Australian Market Cap Past Korea

After a lackluster start to the year amid the oil-led commodity selloff, Australia’s mining stocks have driven a recovery in the local benchmark’s market capitalization, with the S&P/ASX 200 Index now valued $93 billion higher than South Korea’s Kospi gauge, the most since March. Materials producers -- which make up 14 percent of Australia’s index versus 10 percent of Korea’s -- climbed a record 14 percent in April, with mining heavyweights BHP Billiton Ltd. and Rio Tinto Group Ltd. jumping more than 20 percent as commodity prices advanced.

(Corrects currency of chart and gap between the two markets' values in text.)
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