Daily Market Update: 13 November 2025

CommBank drags local market lower

Ongoing weakness in index heavyweight Commonwealth Bank of Australia Limited (ASX: CBA) and tech shares spelled trouble for the Australian market on Wednesday, and that’s how it panned out, with the benchmark S&P/ASX 200 Index (ASX: XJO) losing 19.3 points, or 0.2 per cent, to 8,799.5, and the broader All Ordinaries Index (ASX: XAO) easing 19 points, also 0.2 per cent, to 9,079.4.

CBA (ASX: CBA) shed a further $5.02, or 3.1 per cent, to $158.38, taking its loss since Tuesday’s quarterly update past 9 per cent, and pushing its share price below $160 for the first time since April. Among its big bank peers, Westpac Banking Corporation (ASX: WBC) lost 19 cents, or 0.5 per cent, to $39.86; and National Australia Bank Limited (ASX: NAB) softened three cents, to $42.67; but Australia and New Zealand Banking Group Limited (ASX: ANZ) climbed 69 cents, or 1.8 per cent, to $38.85.

Also at the heavyweight end of the index, biotech giant CSL Limited (ASX: CSL) appreciated 94 cents, or 0.5 per cent, to $179.06. Among the big miners, BHP Group Limited (ASX: BHP) lifted 27 cents, or 0.6 per cent, to $43.06; Rio Tinto Limited (ASX: RIO) gained $2.91, or 2.2 per cent, to $132.47, as its massive Simandou iron ore project in Guinea got under way; and Fortescue Ltd (ASX: FMG) put on 6 cents, or 0.3 per cent, to $19.96.

Australia’s S&P/ASX All Technology Index (ASX: XTX) dropped 3.3 per cent, led by family tracking app Life360 Inc. (ASX: 360), which sank $5.99, or 13.1 per cent, on weaker-than-expected customer growth. Small business software company Xero Limited (ASX: XRO) gave up $3.19, or 2.2 per cent, to $140.00; interconnection services company Megaport Limited (ASX: MP1) fell 25 cents, or 1.6 per cent, to $15.05; and data centre operator NEXTDC Limited (ASX: NXT) eased 38 cents, or 2.4 per cent, to $15.14.

Resources strength can’t hold market up

In mining, iron ore and lithium producer Mineral Resources Limited (ASX: MIN) surged a further $4.31, or 9.2 per cent, to $51.23, as the market digested yesterday’s announcement of the $1.2 billion sale of a 30 per cent stake in the miner’s lithium operations to South Korea’s POSCO Holdings Inc. (KRX: 005490). Mineral Resources Limited (ASX: MIN) is up 15.3 per cent since the deal was announced. IGO Limited (ASX: IGO), which produces nickel as well as lithium, advanced 20 cents, or 3.6 per cent, to $5.83, while lithium miner Liontown Resources Limited (ASX: LTR) leapt 7.5 cents, or 6 per cent, to $1.315. Rare earths producer Lynas Rare Earths Limited (ASX: LYC)retreated 39 cents, or 2.7 per cent, to $13.83.

In gold, Northern Star Resources Limited (ASX: NST) moved 36 cents, or 1.4 per cent, higher to $26.35; Evolution Mining Limited (ASX: EVN) gained 23 cents, or 2 per cent, to $11.50; Newmont Corporation (NYSE: NEM) was up $1.21, or 0.9 per cent, to $137.73; and Regis Resources Limited (ASX: RRL) gained 16 cents, or 2.4 per cent, to $6.88.

Energy stocks gained as oil prices rose on the back of US sanctions on Russian oil producers, with Woodside Energy Group Ltd (ASX: WDS) rising 37 cents, or 1.4 per cent, to $26.92; Santos Limited (ASX: STO) adding 11 cents, or 1.7 per cent, to $6.69; and Brazilian-based producer Karoon Energy Ltd (ASX: KAR) surging 7 cents, or 4.4 per cent, to $1.65.

Dow Jones clears 48,000

In the US, the blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) notched its first-ever close above 48,000 points on Wednesday, as Wall Street looked ahead to a potential end to the record-breaking US government shutdown. The 30-stock Dow Jones Industrial Average (INDEXDJX: DJI) closed up 326.86 points, or 0.7 per cent, at 48,254.82, while the broader S&P 500 Index (INDEXSP: SPX) eked out a 4.31-point gain, to 6,850.92, and the tech-heavy Nasdaq Composite Index (INDEXNASDAQ: IXIC) retreated 61.84 points, or 0.3 per cent, to 23,406.46.

European stocks were mostly higher, with the STOXX Europe 600 Index (STOXX: SXXP) advancing 0.7 per cent.