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Mining giant BHP has consolidated its new crown as Australia’s most valuable company, a day after knocking off the country’s biggest bank at the top of the stock exchange.
The largest mining company in the world overtook Commonwealth Bank (CBA) on the ASX yesterday, and its market capitalisation has since risen to $254.2 billion this afternoon.

BHP has now overtaken CBA by nearly $3 billion, boasting a valuation of $254.5 billion compared to CBA’s $251.5 billion, even after a slight uptick in today’s trading.

BHP logo Perth
BHP’s value has grown by over 25 per cent in the last year. (Will Willitts)

Latest reports indicate BHP’s stock climbed to $50.060 per share, marking a modest 0.62% increase today, whereas CBA’s shares saw a smaller rise of 0.15%, despite each share being priced higher.

The greater valuation of BHP can be attributed to its larger shareholder base, with approximately 5 billion shares in circulation compared to CBA’s 1.67 billion shares.

Back in November, CBA was leading the ASX with its shares nearly reaching $180 each.

Since then, CBA’s shares have dropped sharply to around $150 over the past three months, while investor confidence in BHP has surged, pushing its share price up from a November low of $40.62.

The Commonwealth Bank logo outside a branch.
CBA still remains one of the top five biggest companies in Australia by market cap. (Eamon Gallagher)
Despite CBA losing top spot, the big banks still hold prime position in the ASX2000.
Westpac, ANZ and NAB all sit in the top six, while mining company Newmont is the third most valuable company in Australia, with a current valuation of $138.59 billion.

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