Daily Market Update: 24 October 2025

ASX overcomes tech selloff, energy, Karoon Gas (ASX:KAR) jump on Russia sanctions, Comm Bank (ASX:CBA) reversal continues

The local market managed to eke out a positive day of trading after falling strongly early, following a weak night for the US market. The technology sector was dragged lower by valuation concerns, falling 0.9 per cent, with the likes of WiseTech (ASX:WTC) and Zip Co (ASX:ZIP) also caught up in the sell off. It was all about energy, however, as Woodside (ASX:WDS) gained 4.3 per cent and Karoon (ASX:KAR) 9.4 per cent after the US placed sanctions on two major Russian oil producers which sent the price of oil surging. The banking sector continues to weaken, led by the Commonwealth Bank (ASX:CBA) which fell 1.4 per cent, as investors move to a more risk off mode. The sell off in gold wasnt fully felt by the gold miners as both Northen Star (ASX:NST) and Regis (ASX:RRL) managed to post more than 2 per cent gains after the former delivered solid gold sales for the quarter. 

Insurance Australia Group (ASX:IAG) buoyed by acquisition, Super Retail (ASX:SRL) sinks on sales weakness, Ainsworth (ASX:AGI) under offer

Insurance Australia Group (ASX:IAG) managed a solid gain, as the insurer upgraded profit guidance folliowing completion of its RACQ Insurance business acqisition, with it now expecting to see premium growth increase, likely through price increased, by around 10 per cent, an improvement on prior estimates.  Shares in pokies maker Ainsworth Game Technology (ASX:AGI) posted a 4 per cent gain, after the company confirmed a maor share holder had bid for a part of the business. Super Retail Group (ASX:ASX:SRL) owner of the likes of Macpac and BCF fell sharply, down 4 per cent, after the company flagged like for like sales growth of just 2.6 per cent amid a tough spending environment for the sector. BHP (ASX:BHP) also improved after management confirmed they were in commercial conversations with the Chinese government and the Chairman flagged the potential for aggressive moves in the coming years. 

US markets rally on US-China meet, oil strength continues, International Business Machines (NYSE:IBM) flat despite solid result

All three US benchmarks posted solid gains as President Trump confirmed a meeting with Chinese leads Xi next week amid hopes that the trade war will be settled, the Dow Jones gained 0.3, the S&p500 0.6 and the Nasdaq 1 per cent. It was widespread strength, with further sanctions on Russian exports pushing the price of oil higher, as the President seeks leverage. Tesla (NYSE:TSLA) reversed yesterdays losses, gaining more than 2 per cent after reporting solid profit growth as buyers flocked to EVs ahead of the end of government tax credits in the US, the focus remains on the RoboTaxi business. International Business Machines (NYSE:IBM) was broadly flat after reporting revenue growth of 14 per cent in two key software divisions, in particular the Red Hat technology division. Nokia Oyj reported much stronger than anticipated results as the company continues to pivot into AI and cloud services, in a significan turnaround for the mobile phone business.