SYDNEY: Australia’s stock market was once synonymous with raw materials. Not anymore.
Commodity producers and the companies that service them made up less than 14% of the benchmark and/ASX 200 Index on Tuesday, the smallest share in data going back to 2002. In 2008, material shares comprised almost one third of the gauge. BHP Billiton Ltd’s market value is now about A$5bil (US$3.5bil) less than that of Commonwealth Bank of Australia.
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