ASX Today: Australian Sharemarket Edges Higher as Bendigo Bank Slumps and DroneShield Soars

Australia’s sharemarket ended marginally higher on Tuesday, 25 November 2025, as heavy selling in bank stocks – led by Bendigo and Adelaide Bank after it revealed major anti–money laundering (AML) failures – was offset by sharp gains in defence tech, healthcare, travel and mining names.

The S&P/ASX 200 index added 11.9 points, or 0.14%, to close at 8,537, while the broader All Ordinaries rose 0.27% to 8,824.2. ^[1] Despite the positive finish, only about five of the eleven main sectors ended in the green, with the materials, technology and healthcare sectors doing most of the heavy lifting as financials dragged. ^[2]

Investors were cautious ahead of Wednesday’s landmark inflation release, when the Australian Bureau of Statistics (ABS) will publish the first full Monthly CPI for October 2025 – a change that will make monthly data the country’s primary headline inflation gauge and a key input for future Reserve Bank of Australia (RBA) decisions. ^[3]

ASX 200: Early Rally Fades, Late Pop Saves the Day

Futures and global leads had pointed to another strong session after Monday’s 1.3% surge to 8,525, driven by a powerful rally in US tech stocks and growing bets on a December US Federal Reserve rate cut. ^[4]

The ASX 200 opened firmly and jumped as much as 0.55% to an intraday high of 8,572.6 before lunch. But follow‑through buying quickly dried up, and by mid‑afternoon the index had slipped to around 8,515, down 0.11% on the day, as profit‑taking hit recent winners and banks sold off. ^[5]

A late‑session push in big miners, gold stocks and several high‑beta growth names ultimately dragged the benchmark back into positive territory into the close, leaving the day’s move looking modest but the underlying rotation quite dramatic. ^[6]

Key index moves at the close:

S&P/ASX 200: 8,537 (+0.14%)
All Ordinaries: 8,824.2 (+0.27%) ^[7]
Around six of eleven sectors finished in the red, with materials (+1.7%) the standout gainer. ^[8]

Banks Under Pressure as Bendigo & Adelaide Bank Faces AML Crisis

The biggest story on the Australian stock market today was Bendigo and Adelaide Bank.

An internal review by Deloitte – launched after suspicious activity at one branch was reported to AUSTRAC – found “deficiencies” and “weaknesses” in Bendigo’s approach to money‑laundering and terrorism‑financing risk across the business between August 2019 and August 2025. ^[9] Issues flagged included inadequate risk assessments, insufficient customer due diligence, flawed transaction monitoring and weak oversight of AML/CTF risks. ^[10]

Regulators, including AUSTRAC, APRA and ASIC, are now considering possible action, while the bank’s board has pledged to fully fund an extensive uplift of its financial crime systems and controls. ^[11]

Markets reacted brutally:

Bendigo & Adelaide Bank (ASX: BEN) fell roughly 7–7.5%, around $10.1–$10.2 at the close, after earlier being down more than 9% intraday. ^[12]

The shock compounded what was already a rough month for financials:

The ASX 200 financials sector is down about 7.6% month‑to‑date, on track for its worst monthly decline since July 2022. ^[13]
The big four also finished weaker:
- CBA −1.35% to $152.87
- NAB −1.03% to $40.25
- Westpac −0.67% to $37.73
- ANZ −0.43% to $34.79 ^[14]

Beyond today’s sell‑off, an Australian Financial Review analysis highlighted a structural headwind for income investors: a “buyback boom” on the ASX that is seeing more capital returned through share repurchases instead of traditional cash dividends, potentially denting long‑term dividend income even as per‑share earnings rise. ^[15]

For yield‑focused investors, banks now sit at the intersection of regulatory risk, payout‑mix changes and macro uncertainty over future interest‑rate paths.

DroneShield Leads the Winners on $5.2m European Defence Contract

On the other side of the ledger, defence‑tech group DroneShield (ASX: DRO) topped the ASX 200 leaderboard.

DroneShield announced a $5.2 million follow‑on contract via a European reseller to supply handheld counter‑drone systems and accessories to a European military customer. The company said it already has the hardware on the shelf and expects to receive full cash payment in Q4 2025, making the deal both strategically and cash‑flow significant. ^[16]

Investors responded decisively:

DroneShield shares jumped about 14.6% to $2.00, with the stock trading between $1.81 and $2.03 on the day and volume sharply higher than on Monday. ^[17]

Today’s surge comes after a tumultuous few weeks. DroneShield plunged more than 30% earlier in November after its CEO sold a large block of performance shares, sparking criticism of the company’s incentive structures and governance. ^[18] Management has since moved to review its options and disclosure policies, but the strong contract win reminded the market that underlying demand for counter‑drone technology remains robust. ^[19]

Even after today’s rally, the share price remains well below its recent highs, underlining how headline risk and governance issues can amplify volatility in high‑growth defence names.

Healthcare Pops as Ramsay Health Care Beats Expectations

Healthcare was another bright spot, led by a powerful move in Ramsay Health Care (ASX: RHC).

At its AGM, Ramsay released a Q1 trading update showing:

Australian revenue up 6.5%, comfortably ahead of forecasts around 4–4.5%
EBIT up 5.8%, versus expectations of a small decline ^[20]

The performance was driven by an 8% lift in private hospital revenue and a 3% increase in admissions, signalling that post‑pandemic normalisation in elective procedures is well underway. ^[21]

Ramsay also reaffirmed its outlook for EBIT growth in its Australian business over FY26 and said it had finalised strategic options for its stake in European subsidiary Ramsay Santé, promising an update by the first‑half result. ^[22]

The market liked what it heard:

Ramsay Health Care shares surged about 12–13% (IG pegged them up 11.7% intraday; ABC later cited a 12.7% gain to around $35.95). ^[23]

Strength in Ramsay helped pull other healthcare and biotech names higher, with commentary from market analysts noting ongoing interest in quality defensive growth stories in the sector. ^[24]

Tech, Travel and Data‑Centre Plays Ride Global Risk‑On Mood

Today’s session continued a rotation back into growth and tech stocks that began on Monday, powered by:

A 2.7% jump in the Nasdaq and 1.6% gain in the S&P 500 overnight, as US tech mega‑caps rallied on optimism over AI and a potential December Fed rate cut. ^[25]
Comments from Fed officials interpreted as dovish, pushing market‑implied odds of a December cut to around 80%. TS2 Tech+1

On the ASX:

Life360 (ASX: 360) climbed around 6–7%, continuing the rebound from recent lows. ^[26]
Megaport (ASX: MP1) added more than 4%, while Zip (ASX: ZIP) and TechnologyOne (ASX: TNE) also recorded solid gains. ^[27]

Travel and platform stocks were another hot area:

Webjet (ASX: WEB) jumped over 8% after reporting record half‑year total transaction value (TTV) of about $3.17 billion, up 22% year‑on‑year, and a 17% lift in underlying EBITDA to $81.7 million for 1H FY26. ^[28]
Web Travel Group (ASX: WEB – B2B travel) rose roughly 9.3%, on news of a 22% increase in TTV and an 18% rise in bookings to 5.1 million, with growth particularly strong in the Americas. ^[29]

Meanwhile, Macquarie Technology Group gained about 2.1% after outlining plans for a 150MW data‑centre campus that could require up to $3 billion in growth capital, underscoring sustained demand for cloud and AI infrastructure. ^[30]

The mix of AI optimism, robust travel demand and data‑centre spending is strengthening the narrative that select growth stocks can still perform even as broader markets trade sideways.

Miners and Gold Stocks Underpin the Index

The materials sector did much of the heavy lifting today, closing about 1.7% higher as iron ore and gold prices held firm. ^[31]

Major moves included:

BHP (ASX: BHP) up around 1%
Rio Tinto (ASX: RIO) up about 2.3%
Fortescue (ASX: FMG) up roughly 2.7% ^[32]
Gold miners Northern Star Resources and Evolution Mining gained about 2% and 3.5% respectively. ^[33]
Titanium and rare‑earths producer IperionX rallied more than 10%, making it one of the broader market’s standout performers. ^[34]

Supporting the move:

Iron ore traded just above US$104–105/t, according to recent data. ^[35]
Spot gold hovered around US$4,145/oz, near historic highs, maintaining the appeal of gold miners as both earnings and macro hedges. ^[36]

For now, resource stocks remain a key stabiliser for the ASX, offsetting weakness in rate‑sensitive sectors like financials and real estate.

Macro Backdrop: First Full Monthly CPI and RBNZ Decision in Focus

The relatively muted index move today belies the big macro week facing investors.

Australia’s First Full Monthly CPI

On Wednesday, 26 November 2025, the ABS will release the first complete Monthly Consumer Price Index (October reference month), formally transitioning from the quarterly CPI to a monthly series as Australia’s primary measure of headline inflation. ^[37]

Key points from the ABS announcement:

Monthly CPI becomes the new benchmark, bringing Australia into line with other G20 economies that already publish full monthly inflation data.
The series will back‑populate to April 2024, and the ABS will continue to produce quarterly figures as the average of the three monthly readings. ^[38]

Economists expect:

Annual headline inflation around the mid‑3% range for October.
Trimmed‑mean inflation just under 3% year‑on‑year. ^[39]
Commonwealth Bank, for example, is tipping a 0.2% monthly fall in October CPI, helped by electricity rebates. TS2 Tech+1

Given the RBA’s focus on inflation returning “sustainably” within the 2–3% band, tomorrow’s print could significantly sway expectations for the first cash‑rate cut in 2026.

New Zealand and Global Signals

Adding to the mix:

The Reserve Bank of New Zealand is widely expected to deliver a 25bp rate cut on Wednesday, which could jolt the AUD/NZD cross and impact dual‑listed and trans‑Tasman plays on the ASX. TS2 Tech
Recent data show Australian consumer sentiment has finally turned net‑positive for the first time in almost four years, even as jobs growth slows, a combination that may cushion domestic demand but complicates the RBA’s balancing act. TS2 Tech+1

Put simply, today’s cautious trade sets the stage for potentially bigger moves once investors see the new‑look CPI data and central‑bank decisions.

Key Market Movers on 25 November 2025

Index & currency

S&P/ASX 200: 8,537 (+0.14%)
All Ordinaries: 8,824.2 (+0.27%) ^[40]
Australian dollar: ~US$0.645, slightly weaker on the day. ^[41]

Top ASX 200 gainers

DroneShield (DRO): +14.6% to $2.00 – $5.2m follow‑on European military contract for handheld counter‑drone systems. ^[42]
Ramsay Health Care (RHC): +12.7% – Q1 revenue up 6.5% and EBIT up 5.8%, with reaffirmed outlook. ^[43]
Web Travel Group: +9.3% – 22% lift in first‑half FY26 TTV and strong bookings growth. ^[44]
SRG Global: +6.4% – $650m in new contracts across resources and infrastructure customers. ^[45]
IperionX: +10.7% – buying interest in advanced materials and critical minerals exposure. ^[46]

Biggest laggards

Bendigo & Adelaide Bank (BEN): −7.4% – Deloitte review finds widespread AML/CTF risk management deficiencies; regulators considering action. ^[47]
Iress (IRE): −6.1% – company rejects media report of a potential takeover approach. ^[48]
Medibank Private (MPL): around −2.7%, as investors rotated into higher‑beta healthcare names like Ramsay. ^[49]

What Today’s Moves Mean for Investors

Today’s 0.14% uptick in the ASX 200 masks a deeper rotation under the surface:

Banks and traditional income stocks are confronting regulatory scrutiny, shifting capital‑management strategies (more buybacks, less dividend growth), and the possibility of lower margins if rates fall faster than expected. ^[50]
Growth, tech, travel and healthcare names are re‑rating on a combination of solid earnings updates, AI and data‑centre themes, and the prospect of a more supportive global rate backdrop. ^[51]
Resources and gold miners continue to provide an anchor, benefiting from firm iron ore and record‑high gold prices, and remain central to Australia’s equity story. ^[52]

With the first full Monthly CPI and an RBNZ rate decision due tomorrow, near‑term volatility is likely to stay elevated. For many investors, the focus will be on:

How quickly inflation appears to be converging toward the RBA’s target band
What that means for the timing and pace of rate cuts in 2026
Whether banks can navigate compliance and margin headwinds while growth stocks sustain their recent momentum

As always, any investment decision should consider your time horizon, risk tolerance and diversification, and the information above is general in nature and not financial advice.

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