Miner Recovery Pushes Australian Market Cap Past KoreaBy
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.
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