BHP Group Ltd (BHP.AU) saw its stock price surge 7.87% in intraday trading on Thursday, as Australian shares experienced a significant rally following U.S. President Donald Trump's announcement of a pause in many of his tariffs. The broader S&P/ASX 200 index jumped over 6%, heading for its best session since the pandemic began.
The mining sector, which carries a substantial 20% weightage on the benchmark index, was among the top performers. BHP Group, as one of Australia's mining giants, benefited greatly from this sector-wide boost. The company's shares climbed 6.9%, contributing to the overall 7% rise in mining stocks, which are on track for their best day since late March 2020.
The market's positive reaction came after President Trump declared a 90-day pause on many of his new tariffs, alleviating concerns about the potential fallout from a global trade war. This move led to a significant rebound in commodity-focused companies, as investors rushed to pick up previously hammered stocks. The change in U.S. trade rhetoric has emboldened markets to look beyond tariff headlines, potentially calming volatility in the coming days.
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