Materials, industrials and telcos led ASX returns in 2025. Here’s what drove the rally and what could shape these sectors in 2026.For all the talk of AI bubbles and transformative technologies, it was a few ‘boring’ sectors that performed best in 2025.Commodities, infrastructure and connectivity did the heavy lifting, driving the index higher over the year.On the numbers, Materials led with a powerful 27% gain. Industrials delivered a solid 9%, underpinned by high-quality infrastructure and logistics names. ...