However, global miners Rio Tinto RIO.AX and BHP Group BHP.AX ended the year in red after gaining for five years, dropping 9.5% and 2.2% respectively. The S&P/ASX 200 index .AXJO gained 13% in a year marked by record dealmaking activity and initial public offerings amid accelerating inflation and COVID-19 concerns. At the end of the day, it's all driven by balance sheet expansion from the central banks," said Mathan Somasundaram, chief executive officer at Deep Data Analytics.