ASX materials shares (dominated by mining companies) and ASX financial shares combined make up more than half the market capitalisation of the entire S&P/ASX 200 Index (ASX: XJO).
But do investors prefer one over the other?
Trading platform provider Selfwealth Ltd (ASX: SWF) has published its trading activity data for FY24.
The report provides some insight into the popularity of ASX mining shares vs. financial shares.
Which did investors prefer in FY24?
According to the data, 25.1% of all trading orders placed by Selfwealth customers in FY24 were S&P/ASX 200 Materials (ASX: XMJ) shares, making this the most popular sector among investor clients.
The second most popular sector was S&P/ASX 200 Financials (ASX: XFJ), which attracted 10.5% of all buy and sell orders in FY24.
So, ASX mining shares win out by a large margin!
According to the Selfwealth report:
Iron ore and lithium miners were at the centre of significant interest in Materials shares, while the rally in bank shares supported trading activity across the Financials sector.
Commodity price volatility also played a role in driving trading activity, with lithium prices at one stage circling multi-year lows, and iron ore prices at an 11-month low during the financial year.
Which companies are among ASX mining and financials shares?
The materials sector is dominated by mining companies including the major blue-chip players BHP Group Ltd (ASX: BHP), Fortescue Ltd (ASX: FMG), Rio Tinto Ltd (ASX: RIO), and Newmont Corporation CDI (ASX: NEM). It also incorporates many smaller mining companies, such Core Lithium Ltd (ASX: CXO).
The materials sector also includes building materials supplier James Hardie Industries plc (ASX: JHX), explosives manufacturer Orica Ltd (ASX: ORI), and steel producer BlueScope Steel Limited (ASX: BSL).
The financials sector captures the Big Four ASX 200 bank shares and other financial institutions like AMP Ltd (ASX: AMP), along with major insurers such as Insurance Australia Group Ltd (ASX: IAG).
The sector also includes investment houses like Washington H Soul Pattinson & Company Ltd (ASX: SOL) and wealth managers like Magellan Financial Group Ltd (ASX: MFG), along with private health insurers like Medibank Private Ltd (ASX: MPL) and buy now, pay later companies like Zip Co Ltd (ASX: ZIP).
Which companies lead each sector?
Commonwealth Bank of Australia Ltd (ASX: CBA) is the largest ASX financial share with a market cap of $216.07 billion. BHP is the biggest ASX mining share with a market cap of $203.92 billion.
CBA overtook BHP as the ASX 200's largest company just last month following a significant rally in ASX bank shares that began in November 2023.
Most traded ASX mining shares and financial shares in FY24
These were the most traded ASX mining shares and financial shares among Selfwealth investors in FY24.
They are ranked in order of trading volume and we've included the portion of buy orders for each stock.
| Rank | Most traded ASX mining and financial shares | Percentage of buy orders |
| 1 | Pilbara Minerals Ltd (ASX: PLS) | 58.1% |
| 2 | BHP Group Ltd (ASX: BHP) | 60.5% |
| 3 | Fortescue Ltd (ASX: FMG) | 52.5% |
| 4 | ANZ Group Holdings Ltd (ASX: ANZ) | 50.5% |
| 5 | Macquarie Group Ltd (ASX: MQG) | 52.3% |
| 6 | Westpac Banking Corp (ASX: WBC) | 46% |
| 7 | Commonwealth Bank of Australia (ASX: CBA) | 46.4% |
| 8 | Core Lithium Ltd (ASX: CXO) | 56.6% |
| 9 | Liontown Resources Ltd (ASX: LTR) | 60.1% |
| 10 | Rio Tinto Ltd (ASX: RIO) | 54.6% |
