BHP Billiton and Rio Tinto have spent 2016 climbing out of a share market swamp. BHP shares are up 60 per cent on the January bottom of $14.20, while Rio shares have risen 37 per cent since hitting $37.03 on February 3. Both recoveries have been jagged, but the trend must have relieved all the patient investors who hung in there.

With heavyweight stocks such as these two, the share price is generally a reflection of what analysts are forecasting a year or two ahead.