Australian Stock Market Today: ASX 200 Climbs 0.8% as Takeover Deals, CPI Shock and Retail Rout Shape 26 November 2025

Sydney – Wednesday, 26 November 2025

The Australian stock market pushed higher on Wednesday despite hotter‑than‑expected inflation, as miners, healthcare names and takeover news helped the S&P/ASX 200 close firmly in the green.

The benchmark ASX 200 finished up 69.5 points, or 0.81%, at 8,606.5, while the broader All Ordinaries rose 0.85% to 8,899.3. ^[1]

A sharp 32% plunge in Temple & Webster, a near 20% surge in National Storage REIT on a A$4 billion bid, and fresh regulatory drama around defence contractor Electro Optic Systems were among the biggest stories driving stock‑specific volatility. ^[2]

Key takeaways from today’s ASX session

ASX 200 up 0.81% to 8,606.5, with eight of 11 sectors higher, led by materials (+1.8%) as heavyweight miners BHP, Fortescue and Rio Tinto climbed. ^[3]
Inflation surprised on the upside, with annual CPI rising to 3.8% and trimmed mean to 3.3%, reducing hopes of near‑term RBA rate cuts but not derailing the equity rally. ^[4]
Temple & Webster (TPW) crashed ~32% after first‑half revenue growth slowed to 18%, well below market expectations of about 23%. ^[5]
National Storage REIT (NSR) went into a trading halt after receiving a cash takeover proposal at A$2.86 per share, valuing the self‑storage giant at roughly A$4 billion. ^[6]
Biotech, defence and gold names were volatile: Mesoblast topped the ASX 200 gainers, DroneShield and EOS rallied on defence contracts and a regulatory settlement, while West African Resources slumped after emerging from a three‑month trading halt. ^[7]

Australian stock market today: indices and global backdrop

The local market tracked strong overseas leads. Wall Street’s Dow Jones gained about 1.4%, the S&P 500 0.9% and the Nasdaq 0.7% overnight, as traders priced in a high probability of a US Federal Reserve rate cut in December, pushing global risk assets higher. ^[8]

Against that backdrop:

S&P/ASX 200: 8,606.5 (+0.81%)
All Ordinaries: 8,899.3 (+0.85%) ^[9]
ASX 200 VIX: slipped to around 12.7, signalling subdued volatility. ^[10]

The Australian dollar strengthened to about US$0.6505, up roughly 0.5–0.6% on the day, helped by the hotter inflation read and the global risk‑on tone. ^[11]

Inflation surprise: CPI heats up, but equities still climb

The main macro story was the Australian Bureau of Statistics’ first full monthly CPI release, which showed headline inflation rising to 3.8% year‑on‑year in October, from 3.6% in September. The trimmed mean measure – closely watched by the RBA – ticked up to 3.3% from 3.2%. ^[12]

Key points:

Price pressures were driven by housing, food and recreation, while transport and fuel were less of a force than earlier in the cycle. ^[13]
Economists and strategists noted this cements the view that rates are likely on hold for most of 2026, with the next move more likely up than down if inflation stays sticky. ^[14]

Interestingly, the equity market looked through the CPI surprise, at least for now. Materials, healthcare and selected consumer names pushed higher, suggesting investors are still more focused on the global rate‑cut narrative and solid earnings than on the risk of another RBA hike in the near term. ^[15]

Sector snapshot: miners, lithium and healthcare lead

Materials power the rally

The materials sector jumped about 1.8%, comfortably outperforming the broader index. ^[16]

Major movers included:

BHP Group (BHP): up around 2%
Fortescue Metals (FMG): up roughly 2.4%
Rio Tinto (RIO): higher by about 1.4% ^[17]

Stronger iron ore and copper prices, plus ongoing enthusiasm for AI‑related infrastructure and electrification demand, continue to underpin sentiment in the big miners. ^[18]

The lithium complex also found buyers:

Pilbara Minerals (PLS): up about 7.2%
IGO: up around 5.5% ^[19]

Investors appear to be nibbling back into battery metals after a choppy year, encouraged by signs of stabilisation in EV‑related demand.

Healthcare and consumer names add support

Healthcare also contributed to the day’s gains. Cross‑listed Fisher & Paykel Healthcare (FPH) rose about 4.8% after reporting a 39% jump in first‑half net profit and upgrading full‑year guidance, extending the theme of improving margins across medical device makers. ^[20]

On the consumer side, Wesfarmers and JB Hi‑Fi posted modest gains ahead of the Black Friday spending rush, even as Temple & Webster stole the headlines for all the wrong reasons. ^[21]

Laggards: utilities and tech

By contrast, utilities and technology were the only sectors to finish in the red, as rising bond yields following the CPI print weighed on longer‑duration, defensive‑yield and growth names. ^[22]

Biggest ASX 200 winners: biotech, defence and storage

Mesoblast tops the leaderboard

Mesoblast (MSB) was the best performer on the ASX 200, surging about 14.3% to A$2.72. ^[23]

Today’s jump extended a rally that began after the company flagged a 37% increase in quarterly revenue from its Ryoncil therapy, boosting confidence that the cell‑therapy specialist can monetise its pipeline after a turbulent regulatory journey. ^[24]

DroneShield rebounds on European contracts

Defence tech stock DroneShield (DRO) added around 8.5% to A$2.17, continuing a rebound after announcing approximately A$5.2 million in new European defence contracts earlier in the week. ^[25]

The stock has been volatile in recent months amid director share sales and shifting risk sentiment, but the latest deals reassured investors that the company’s order pipeline remains robust.

Electro Optic Systems rallies after ASIC settlement

Shares in Electro Optic Systems (EOS) traded sharply higher intraday and finished several percent up after the company announced it had settled an investigation by the Australian Securities and Investments Commission (ASIC) over its 2022 revenue guidance. ^[26]

Key points from today’s developments:

EOS admitted breaching continuous disclosure obligations by failing to promptly update the market on a material downgrade to its 2022 revenue forecast. ^[27]
The company agreed to a proposed civil penalty of A$4 million, subject to Federal Court approval. ^[28]
ASIC has separately launched civil proceedings against former CEO Ben Greene over alleged breaches of director’s duties relating to those disclosures. ^[29]

For investors, the settlement is seen as closing a difficult chapter and reducing regulatory overhang, though it also underlines the heightened scrutiny on governance and disclosure in the small‑cap defence space.

National Storage REIT in focus on A$4b bid

National Storage REIT (NSR) became one of the day’s most closely watched names after entering a trading halt pending an announcement about a “potential control transaction”. ^[30]

Details so far:

A consortium led by Brookfield Property Group and Singapore’s GIC has lobbed an unsolicited cash offer of A$2.86 per share, implying an equity value of around A$4.0–4.02 billion. ^[31]
The offer represents roughly a 26.5% premium to National Storage’s last close of A$2.26 prior to the halt. ^[32]
The NSR board has granted the consortium exclusivity and due diligence access until 7 December, aiming to convert the indicative proposal into a binding bid, while reserving the right to consider any superior proposal. ^[33]

The move reinforces a broader trend of global capital flowing into Australian real estate and infrastructure assets, particularly in defensive, cash‑generative niches like self‑storage.

Biggest losers: Temple & Webster, West African Resources and more

Temple & Webster crashes on slower sales growth

The standout loser was online furniture and homewares retailer Temple & Webster Group (TPW), whose shares plunged about 32–33% to the mid‑A$13 range, wiping out hundreds of millions of dollars in market value. ^[34]

What spooked the market:

TPW’s trading update at its AGM showed first‑half FY26 revenue up 18% year‑on‑year, a solid result in isolation but well below consensus expectations of around 23% and a pronounced slowdown from the 28% growth flagged in August. ^[35]
Analysts highlighted that December is typically a softer month for the business and warned of the risk of further deceleration if peak sale events like Black Friday and Cyber Monday underwhelm. ^[36]
Management reaffirmed full‑year guidance and longer‑term targets, including a pathway to A$1 billion in annual revenue, but the market reaction underlined just how unforgiving investors can be when high‑growth names miss lofty expectations. ^[37]

The collapse in TPW’s share price dragged on the consumer discretionary sector, partly offsetting gains in other retailers.

West African Resources sinks after trading halt

Gold producer West African Resources (WAF) fell around 15% after trading resumed following a three‑month halt. ^[38]

According to commentary from market outlets:

The sell‑off followed news of ongoing discussions with the government of Burkina Faso, which has been seeking a larger stake in local mining projects, raising concerns over future economics and sovereign risk. ^[39]
The move came despite a supportive gold price backdrop, highlighting how country‑specific risk can overshadow commodity tailwinds for miners operating in frontier jurisdictions.

Other notable laggards

From the broader ASX 200 list of worst performers: ^[40]

Greatland Resources (GGP) slipped more than 5%,
Life360 (360) fell over 4%, extending a pull‑back in high‑multiple tech names after a strong run.

Deals, IPOs, capital raisings and delistings

Sea Forest makes climate‑tech debut

In the small‑cap space, Sea Forest Limited (ASX: SEA), a Tasmanian climate‑tech company developing seaweed‑based livestock feed additives to cut methane emissions, listed on the ASX today. TS2 Tech+1

Key details:

IPO size: around A$20.5 million raised in an underwritten offer
Offer price:A$2.00 per share, implying a valuation of roughly A$112 million at listing
The stock traded higher on debut, with news outlets citing gains of about 12.5% as investors hunted for ESG‑aligned growth stories. ^[41]

White Energy launches discounted entitlement offer

White Energy Company (WEC) opened a pro‑rata entitlement offer:

Structure: 5 new shares for every 12 existing shares
Offer price:A$0.027 per share, a steep discount to recent trading levels
Maximum raise: about A$3.5 million before costs TS2 Tech

The funds are earmarked for balance sheet support and ongoing operations, and the deep discount is likely to keep the stock on the radar of speculative traders during the offer period.

Restaurant Brands nears ASX exit

Across the Tasman, Restaurant Brands New Zealand (RBD) – operator of KFC, Taco Bell and other fast‑food brands – is moving toward compulsory acquisition and delisting from the ASX and NZX after Mexican investor Finaccess Restauración secured acceptances representing roughly 98% of shares under its takeover offer. ^[42]

The offer has now closed, and minority holders are set to be squeezed out, continuing a pattern of private capital snapping up listed Australasian consumer and infrastructure assets.

What today’s moves mean for ASX investors

Today’s session on the Australian stock market underscored a few important themes:

Macro vs micro tug‑of‑war:
- A hot CPI print would normally be a clear negative for equities, but risk appetite was buoyed by strong global leads and hopes of US rate cuts.
- The ASX 200’s ability to rise in the face of higher‑than‑expected inflation suggests investors are still betting that growth and earnings momentum can offset rate‑headwind risks, at least in the near term. ^[43]
Leadership from cyclicals and quality growth:
- The materials sector’s 1.8% gain, led by diversified miners and lithium names, shows continued confidence in the global commodity cycle. ^[44]
- Healthcare and selected consumer stocks such as Fisher & Paykel and Wesfarmers are acting as quality growth anchors in portfolios. ^[45]
Earnings and guidance matter more than ever:
- Temple & Webster’s brutal sell‑off, despite still‑solid revenue growth, is a reminder that valuation and expectations are crucial. When the market is priced for perfection, even a modest slowdown can trigger a violent de‑rating. ^[46]
M&A and regulatory risk in focus:
- The proposed Brookfield–GIC takeover of National Storage REIT adds to a growing list of large‑cap deals, supporting sentiment in REITs and infrastructure. ^[47]
- At the same time, regulatory enforcement against EOS emphasises that governance lapses can have long tails, even once a company believes it’s moved on. ^[48]
Geopolitical and jurisdiction risk for miners:
- West African Resources’ steep drop following its return from halt shows how changes in host‑country policy – in this case, Burkina Faso’s push for a larger state stake – can rapidly alter the risk‑reward calculus for resource investors. ^[49]

Looking ahead

For the remainder of the week, ASX investors will be watching:

Further commentary from RBA‑watched economists after today’s CPI surprise,
Overseas macro data, including UK budget updates and US jobless claims, which could shift the global rate‑cut narrative, ^[50]
Additional AGM season trading updates, particularly from retailers as the crucial holiday period approaches, and
Any escalation of takeover and capital‑raising activity, now that National Storage and Restaurant Brands have joined an expanding deal pipeline. ^[51]

As always, this article is general information only and not financial advice. Anyone considering investing should assess their own objectives, financial situation and risk tolerance, and consider speaking with a licensed adviser before making decisions.

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