Proactive’s Tylah Tully gives a market wrap for November 20.
The ASX200 dropped 0.57% to close at 8,326.3 points after hitting an all-time high near 8,400 points yesterday.
Despite today’s decline, the index has risen 1.62% over the past five days, is 1.42% below its 52-week high and has climbed 10% year-to-date. November gains stand at 2.6%, outpacing the month’s historical averages.
Tabcorp Holdings Ltd (ASX:TAH) led the day’s gains with a 2.78% increase to $0.555 per share. On the downside, Neuren Pharmaceuticals Ltd (ASX:NEU) slipped 7.5% to $13.69.
Broad sector losses were observed with Energy, Industrials, Consumer Discretionary and Communication Services declining over 1%. Health Care was the strongest sector, though it posted only a modest 0.27% gain.
Australia’s economy is performing better than expected and earnings forecasts for 2025 are being revised upwards. Bitcoin’s recent record high is benefiting tech companies like Block, while a weaker US dollar is expected to push commodity prices higher, potentially lifting commodity stocks and broadening the rally in the Australian market.
Movers in the small cap sector included Lightning Minerals Ltd (ASX:L1M), which was 22.86% higher at $0.086, while Element 25 Ltd (ASX:E25, OTCQX:ELMTF) climbed 24% to a daily high of $0.31.
Lumos Diagnostics Ltd hit $0.035, a 16.67% gain on the previous close, Alto Metals was as much as 16.46% higher to $0.092, Yandal Resources Ltd (ASX:YRL) posted another gain, up as much as 5.48% to $0.385 and Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) increased as much as 3.95% to $0.79.