Australian Stock Market Today: ASX 200 Jumps 1.2% as Nvidia-Fuelled Tech and Mining Rally Lifts Local Shares (20 November 2025)

Australia’s share market roared back to life on Thursday, 20 November 2025, with the S&P/ASX 200 posting its strongest gain in several months as a global tech rebound led by Nvidia lit a fire under local information technology, lithium, uranium and heavyweight mining stocks.

ASX 200 posts one of its best sessions since mid-winter

The benchmark S&P/ASX 200 finished the day 104.8 points higher, up 1.24% at 8,552.7, while the All Ordinaries rose 1.29% to 8,834. Small caps and growth names outperformed, with the Small Ordinaries up about 1.55% and the Emerging Companies index up more than 2%. ^[1]

It was the best daily gain for the ASX 200 since mid-July/August, according to market commentators, underscoring how sharp the rebound has been after recent heavy selling. ^[2]

Market breadth was emphatically positive: nine of 11 sectors finished in the green, with cyclical areas leading the charge and only energy and utilities closing lower. ^[3]

Context: bouncing after a 7% slide from record highs

Today’s rally comes after a choppy fortnight in which the ASX 200 slid roughly 7% from an October intraday record around 9,115 points, hit on 21 October. ^[4]

Rising inflation and stronger jobs data had forced traders to reassess how many interest-rate cuts the Reserve Bank of Australia and the US Federal Reserve might deliver, with some analysts now warning the next RBA move could even be a hike rather than a cut. ^[5]

Against that backdrop, today’s move looks more like a powerful relief rally than an all-clear signal. Australian equities are still considered slightly expensive versus their long-run averages, and strategists continue to warn that valuations in parts of the AI and growth complex remain stretched. ^[6]

Nvidia’s blockbuster earnings ignite global and local tech

The catalyst for today’s rebound was Nvidia’s latest quarterly earnings, released overnight US time. The AI chip giant reported revenue of about US$57 billion, up more than 60% year-on-year, with net profit surging roughly 65% to US$31.9 billion, and guided to an even stronger fourth quarter. ^[7]

Those results eased fears that the AI boom had already peaked and sent global tech higher, with Nvidia shares jumping and helping lift futures for the Nasdaq and S&P 500. ^[8]

On the ASX, the information technology sector climbed about 2.4% by the close, after being up more than 4% around midday – its biggest intraday surge since mid‑April. ^[9]

Key local tech and growth names that joined the rally included: ^[10]

Block (ASX: SQ2) – jumped around double digits as investors rotated back into high-beta tech linked to payments and digital commerce.
WiseTech Global (ASX: WTC) – gained roughly 2–3% after being singled out in both midday and closing wraps as a major contributor to the IT rebound.
Xero (ASX: XRO) – added around 1–3%, helped by renewed confidence in software names with recurring revenue.
Technology One (ASX: TNE) – rose close to 5%.
NextDC (ASX: NXT) and Life360 (ASX: 360) also closed comfortably higher.

Analysts noted that Nvidia’s results may put a floor under the recent sell-off in ASX tech, but cautioned that a sustained recovery will still depend on whether earnings continue to grow fast enough to justify lofty multiples. ^[11]

Miners, lithium and uranium stocks power the rally

If tech was the spark, resources were the engine of today’s move.

The materials index climbed about 2.5%, making it the best-performing sector on the day. ^[12]
BHP rose roughly 1.9%, Rio Tinto about 2.2% and Fortescue around 4.2%, driven by firmer iron ore and copper prices and a rebound in risk appetite. ^[13]

The real fireworks were in lithium, uranium and other critical minerals:

Pilbara Minerals (ASX: PLS) climbed around 5.3%,
Deep Yellow (ASX: DYL) jumped about 6.6%, and
Iluka Resources (ASX: ILU) added roughly 6.7%, according to MarketIndex’s evening wrap. ^[14]

Earlier in the day, Reuters also reported strong gains in Pilbara and IGO on the back of renewed battery-metal demand after upbeat results from Chilean lithium producer SQM. ^[15]

On the corporate front, Liontown Resources (ASX: LTR) rallied close to 10% after carrying out what was described as the first digital spot sales auction for spodumene concentrate from its Kathleen Valley project – a milestone that investors read as a sign of growing pricing sophistication and underlying demand in the lithium market. ^[16]

Mineral Resources (ASX: MIN) also gained more than 4% after the company scrapped a previously indicated timeline for appointing a successor to long-serving CEO Chris Ellison, which investors interpreted as a vote of confidence in current leadership. ^[17]

IG reported that lithium prices have reached a 14‑month high, further supporting the bid for ASX‑listed battery‑metal producers and explorers. ^[18]

Banks and financials back in favour – but still bruised

The financials sector rose around 1.2%, giving heavyweight banks a much-needed reprieve after weeks of underperformance. ^[19]

Reuters’ midday update showed the financials index up about 0.5%, with Commonwealth Bank of Australiaedging 0.5% higher as sentiment stabilised. ^[20]
AAP and CBA’s market wrap noted that materials and financials provided the backbone of today’s rally, delivering their strongest session in weeks. ^[21]

Even after today’s bounce, however, the bank sub‑index remains down close to 8% for the month, reflecting persistent concerns about margin pressure, intense competition in mortgages and the prospect that rate cuts may be slower – or fewer – than markets had hoped earlier in the year. ^[22]

Laggards: energy and utilities under pressure

Not every corner of the market joined the party:

Energy stocks slipped about 0.35%,
Utilities fell roughly 1.3%, making them the only sector solidly in the red. ^[23]

Midday data showed Woodside Energy down around 0.7% and Santos off about 0.9%, as softer oil prices and uncertainty around global demand weighed on the sector. ^[24]

The underperformance of utilities fits with the broader risk‑on mood: investors rotated out of defensive, income-oriented names and back into higher‑beta growth and cyclical exposures such as tech, miners and small caps. ^[25]

Stock-specific movers: from lithium stars to DroneShield pain

Beyond the sector themes, a handful of ASX names stood out:

Uranium and critical minerals: In addition to Deep Yellow and Iluka, several uranium and rare-earth stocks were in heavy demand as traders chased leverage to the energy-transition and AI‑infrastructure story. ^[26]
Growth and software names: The combination of lower immediate AI bubble fears and still‑elevated long‑term expectations saw software and cloud names like WiseTech, Xero, Technology One and Life360 attract strong buying interest. ^[27]

However, DroneShield (ASX: DRO) was a notable loser again.

The defence‑tech company fell about 4% today, extending a brutal drawdown of roughly 67% from its peak a month ago. The slide comes as investors digest a detailed response to the ASX over substantial director share sales, which followed an earlier 20% plunge when its US CEO unexpectedly resigned. ^[28]

Despite that slump, DroneShield shares remain significantly higher than at the start of the year, illustrating just how volatile high‑growth, AI‑linked defence names have become in the current market. ^[29]

Currency, global markets and commodities

The Australian dollar traded around US$0.648–0.649 during the local session, little changed on the day, even as equity markets surged. ^[30]

Elsewhere in the region:

Japan’s Nikkei jumped roughly 3% as falling bond prices and a weaker yen boosted exporters. ^[31]
Hong Kong and Shanghai posted modest gains, echoing the positive tone across Asia after Nvidia’s result. ^[32]

Commodities that matter to the ASX were generally supportive:

Iron ore hovered a little above US$104 per tonne,
Brent crude oil edged up, and
Gold was slightly softer but still near elevated levels after a strong run earlier in the year. ^[33]

Futures for US indices, including the S&P 500 and Nasdaq, stayed firmly in positive territory through the Australian afternoon, signalling that the global relief rally could extend into the US cash session. ^[34]

Outlook: relief rally or turning point for the ASX?

Today’s sharp rebound does not erase the risks that have been dogging Australian equities:

The market is still only a few weeks removed from record highs near 9,115, and remains sensitive to any renewed spike in bond yields or inflation data that could rekindle worries about “higher for longer” interest rates. ^[35]
Analysts continue to debate whether the AI trade is in bubble territory, pointing to elevated price‑to‑earnings ratios for some tech and growth names even after the recent correction. ^[36]

At the same time, there are important technical and structural catalysts ahead:

The December 2025 S&P/ASX 200 index rebalance review concludes on 21 November, with changes due to be announced on 5 December and implemented on 20 December. Strategists expect that passive flows around potential inclusions and exclusions could create stock-specific volatility over the next month. ^[37]

For now, though, the narrative has shifted from “AI crash fears” to “AI resilience”, with Nvidia’s blockbuster numbers showing that real earnings – not just hype – are still flowing through the global tech ecosystem. ^[38]

For Australian investors, that translated today into:

A 1.2%+ surge in the ASX 200,
Strong gains in miners, lithium and uranium stocks,
A return to form for big banks and quality tech, and
A modest risk-off pocket in energy and utilities. ^[39]

Whether this marks the start of a new leg higher or just a classic bear‑market rally will depend on what comes next from inflation data, central banks and the durability of the AI‑spending boom.

Important note

This article is for information and news purposes only and does not constitute financial product advice, investment recommendations or an offer to buy or sell any security. Always consider your own objectives and seek professional advice before making investment decisions.

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