Thursday 20th November 2025
Daily Market Update: 21 November 2025
WiseTech rallies, Droneshield sinks on price query
The local market ended a weeklong sell off, finishing with a gain of 1.3 per cent on Thursday, as the long-awaited NVIDIA result didn’t disappoint (more on this below). The result was only one sector, utilities, finishing more than 1 per cent lower, with both the technology and materials sectors gaining 2.4 per cent. The drivers were a massive rally in Block (ASX:XYZ) shares, as the online transfer firm gained more than 10 per cent, while TechnologyOne (ASX:TNE) gained more than 4 per cent for the day. The materials sector was also buoyed by a steadying gold price, with Northern Star (ASX:NST) gaining once again, and BHP (ASX:BHP) adding 1 per cent on hopes of a stabilisation in the iron ore price. Droneshield (ASX:DRO) was sold off by another 4 per cent as the company responded to a price query from the ASX, which confirmed the director share sales had occurred at the same time as a bungle announcement which redeclared prior income as new.
Lithium surges on Liontown auction, Peet rallies as property settles
Lithium miner Liontown (ASX:LTR) rallied by close to 10 per cent after the company flagged stronger than expected sales prices for its first ever online auction for lithium, a much faster rebound in price than expected. Property developer Peet (ASX:PPC) had another strong day as the company flagged a jump in profit by as much as 34 per cent in FY26, on the back of improving delivery of properties and a normalisation of costs. Chris Ellison’s exit date from Mineral Resources (ASX:MIN) has all but been removed, with the succession plan seemingly put on hold after several months, with the company still under investigation for tax matters. A2 Milk (ASX:A2M) has lifted its revenue expectations, flagging a low double digit revenue growth in FY26, a significant improvement on recent years.
AI Valuation Fears and Fed Outlook Drive US Stocks to One-Month Low
US stocks reversed course sharply on Thursday, erasing initial gains to close at one-month lows as investors simultaneously digested a strong jobs report, which solidified the Federal Reserve’s “higher for longer” interest rate outlook, and reassessed the dizzying valuations of AI-related companies. The Nasdaq 100 plunged 2.4%, with the S&P 500 and Dow also suffering significant losses, driven largely by a steep tech sell-off; though Nvidia (NVDA) beat earnings estimates and spoke of sustainable AI demand. AMD (AMD), Micron (MU), and Oracle (ORCL) all fell between 6.6% and 10.9%, while the retail sector offered a rare bright spot as Walmart (WMT) jumped 6% on strong results and guidance.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | 1.3 | -2.3 | -5.0 | -3.0 | 6.1 |
| Financials | 1.2 | -4.9 | -7.9 | -6.6 | 3.4 |
| Resources | 1.7 | -3.5 | -0.5 | 11.1 | 22.4 |
| Information Technology | 4.6 | -1.1 | -11.8 | -15.0 | -6.2 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | -1.6 | -0.1 | -0.6 | 3.6 | 13.8 |
| Europe | 0.4 | -2.8 | -1.9 | -0.9 | 26.2 |
| Japan | 0.5 | -4.5 | -3.3 | -0.3 | 21.7 |
| China top 50 | 0.1 | -3.7 | -0.9 | 1.9 | 33.9 |
| India top 50 | 0.8 | 2.0 | 1.0 | 0.9 | 5.5 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | -0.4 | -0.1 | -1.4 | -0.2 | 5.1 |
| Australian Corporate Bond | -0.1 | 0.0 | -1.2 | 0.0 | 5.7 |
| US Treasury | -0.1 | -0.3 | -0.5 | 1.6 | 4.8 |
| Cash | 0.0 | 0.1 | 0.3 | 0.9 | 4.1 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | -0.9 | -0.3 | -3.3 | 22.6 | 55.5 |
| Silver | 0.9 | -1.8 | 1.4 | 39.9 | 68.5 |
| Crude Oil | -1.9 | 3.5 | 6.7 | -1.4 | -1.5 |
| Bitcoin | 1.6 | -10.4 | -18.9 | -21.5 | -7.1 |
