Why ASX investors are 'flocking back' to BHP shares and these other top stocks

BHP shares led the charge with the biggest increase in Aussie retail investor holdings in Q2.

| More on:
A mining worker wearing a hard hat, orange high vis vest and blue long-sleeved shirt raises his fists in celebration with an excited expression on his face

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

BHP Group Ltd (ASX: BHP) shares are rising fast on Aussie investors' radars.

That's according to the second quarter (Q2 2024) Top Stocks data just out from online investing platform eToro.

The data revealed that Aussies are continuing to invest in Nvidia Corporation (NASDAQ: NVDA) and big tech while also increasing their interest in S&P/ASX 200 Index (ASX: XJO) mining stocks.

Atop fast-rising interest in BHP shares, ASX lithium miners Pilbara Minerals Ltd (ASX: PLS) and Core Lithium Ltd (ASX: CXO) also counted among the top 20 stocks seeing a big rise in investor interest over the past quarter.

BHP shares see big surge in interest

According to the eToro report, BHP shares saw a 24% boost in Aussie retail investor holdings in Q2 compared to the prior quarter.

Retail investor holdings in Core Lithium shares gained 8%, while Pilbara Minerals shares increased 5%.

Commenting on the rise in interest in BHP stock, eToro market analyst Josh Gilbert said, "We've also seen investors flock back to local miner BHP as the downturn in China's real estate sector shows signs of slowing as the government continues to offer support to the sector."

Gilbert pointed to a recent rise in the iron ore price coupled with the sliding BHP share price as likely driving part of this increased interest.

"There is clearly still a long way to go for China's economy, but with iron ore prices rising in recent months, investors are seeing the weakness in BHP shares this year as an opportunity," he said.

As for international stocks like Nvidia…

Move over Apple

It's not just BHP shares that saw a big increase in interest in Q2.

eToro reported that over the quarter just past, Nvidia overtook Apple Inc (NASDAQ: AAPL) to become the second-most-held stock in Australia. Nvidia continues to dominate AI-related news, likely driving that increased interest.

Elon Musk's Tesla Inc (NASDAQ: TSLA) maintained its number one spot.

According to Gilbert:

Retail investors continued to flock to AI stocks in the second quarter of 2024, as businesses such as Nvidia and TSMC continue to reap the rewards of the biggest technology revolution we've seen for decades.

Taiwan Semiconductor Manufacturing Co (BCBA: TSMC) was the second largest riser for the quarter, enjoying a 25% increase in Aussie retail investor holdings over the three months.

And Gilbert forecasts this trend has some legs.

"We're unlikely to see this investor migration to AI stocks ease up anytime soon, as these stocks continue to deliver huge profits quarter after quarter, and other AI winners are sure to emerge in the years ahead," he said.

How have BHP shares been tracking?

Created with Highcharts 11.4.3BHP Group PriceZoom1M3M6MYTD1Y5Y10YALL10 Jul 202310 Jul 2024Zoom ▾Sep '23Nov '23Jan '24Mar '24May '24Jul '24Oct '23Oct '23Jan '24Jan '24Apr '24Apr '24Jul '24Jul…Jul '24Jul…www.fool.com.au

Investors may be seeing good value in BHP shares, with the ASX 200 mining stock down 13% in 2024.

Should you invest $1,000 in Bhp Group right now?

Before you buy Bhp Group shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Bhp Group wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 7 February 2025

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Apple, Nvidia, and Tesla. The Motley Fool Australia has recommended Apple and Nvidia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Technology Shares

Goldman Sachs says this ASX 200 stock can rise 20%+

Let's see why the broker believes this stock could deliver market-beating returns.

Read more »

Dog with a shoe in its mouth.
Opinions

This ASX income stock just cut its dividend: I think it's time to invest

This business is paying a smaller dividend, but I think that makes it more attractive.

Read more »

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Share Market News

Income investors: These Australian dividend shares are raising payouts again

It's time for a pay rise!

Read more »

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what Aussie investors can expect from the benchmark index today.

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rocky but positive start to the week's trading this Monday.

Read more »

Business people discussing project on digital tablet.
Share Market News

6 ASX 200 shares bought up by directors last week

It was a busy week for ASX directors last week.

Read more »

Three people jumping cheerfully in clear sunny weather.
52-Week Highs

5 ASX 200 stocks hitting new 52-week highs today

These stocks are pushing higher today despite the shaky market...

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background.
Share Market News

One of these insiders just made a $1 million BHP share buy

These management figures seem to think BHP is cheap right now...

Read more »