Australia Stock Market Today: ASX 200 Rises as Miners, Energy and Record Gold Lift Shares (22 December 2025)

Australia’s sharemarket kicked off the pre-Christmas week in upbeat fashion on Monday, with the S&P/ASX 200 trading higher into the afternoon as miners and energy stocks led broad-based gains. By early afternoon in Sydney, the benchmark was up about 0.9% around 8,701 points, with most sectors in the green and risk appetite supported by stronger global leads and a fresh surge in commodities. ^[1]

But beneath the headline rise, today’s Australia stock market story is really about three forces colliding at once:

Commodities are back in the driver’s seat, with gold printing a new record and oil firming. ^[2]
Policy risk is resurfacing in energy, after the federal government unveiled a 2027 gas reservation scheme that targets LNG exports from the east coast. ^[3]
Rate expectations are shifting again, as investors look ahead to RBA minutes due Tuesday and a 2026 outlook that is increasingly framed around whether the next move is up, not down. ^[4]

Here’s what’s moving Australian stocks today, what analysts are watching next, and what the near-term forecasts are pointing to as liquidity thins into the holiday break.

ASX 200 today: Broad gains, with miners and energy in front

The ASX began the shortened Christmas trading week on the front foot. At around 11am AEDT, the ASX 200 was up 0.6% to 8,674, with the All Ordinaries also higher by a similar amount. Leadership was clearest in materials (miners), energy, and healthcare. ^[5]

Key sector and bellwether signals from the session included:

Big miners were firm, with BHP and Rio Tinto both about 1.5% higher in late morning trade. ^[6]
Healthcare improved, with CSL up around 1.1%. ^[7]
Tech largely tracked offshore strength, but WiseTech Global lagged, down about 3%. ^[8]
Banks were mixed (for example, CBA slightly higher while NAB was lower in late morning). ^[9]

By 1pm AEDT, the ASX 200 was still up about 0.9%, with miners and energy producers described as “doing the best” among key sectors. ^[10]

Top movers on the ASX today: Nick Scali jumps, uranium rallies, WiseTech slides

Nick Scali delivers a “guidance upgrade” jolt

Furniture retailer Nick Scali was a standout, rising about 10% after lifting expectations for the first half of FY26. ^[11]

In its trading update, Nick Scali said Australia and New Zealand first-half revenue is expected to be 10%–12% higher than the previous year (above its earlier 7%–9% guidance), and statutory first-half NPAT is expected to be $37m–$39m (up from $33m–$35m guidance). ^[12]

In a market where many consumer-facing names have spent much of 2025 being repriced around interest-rate sensitivity, a clean upgrade into year-end can have an outsized effect—especially in thin holiday volumes.

Uranium names catch a bid

Uranium-linked stocks also drew attention. Into the afternoon, Paladin, NextGen Energy, and Deep Yellow were among names described as “in demand,” posting strong gains. ^[13]

Earlier in the session, NextGen Energy was highlighted among the ASX 200’s leading movers, while NEXTDC (the data-centre operator) was also among the stronger performers. ^[14]

WiseTech and select gold names on the back foot

While gold prices hit record highs globally, not every gold-linked stock rose in lockstep. WiseTech Global remained a notable decliner (around -3%), and Bellevue Gold appeared among weaker names in afternoon movers. ^[15]

DroneShield rebounds after governance backlash: “mandatory minimum shareholding” policy

One of the most-followed single-stock stories on the ASX today was DroneShield, after the defence technology firm moved to calm investors following a backlash over executive share sales.

DroneShield announced it would require directors and senior management (including the CEO) to hold a minimum shareholding, after a mid-November disclosure that top executives sold stock worth an aggregate A$70 million over a short period. ^[16]

Reuters reported DroneShield shares jumped to a more than one‑month high, rising as much as 9% at one point, while the broader ASX benchmark was up around 0.9%. ^[17]

Why this matters for the wider Australia stock market today: in late 2025, investors have been rewarding growth stories tied to defence, AI, and security, but the market’s tolerance for governance surprises has been low. A governance reset can quickly become the difference between “buy the dip” and “stay away” when liquidity is thin.

Commodities set the tone: Gold hits a record, oil firms, iron ore steadies

Gold breaks fresh ground

Gold was one of the clearest global tailwinds for risk sentiment and Australia’s materials complex today.

ABC reported spot gold rose to a new record around US$4,389/oz. ^[18]
Reuters put the record at US$4,391.92/oz, attributing the move to expectations of further US rate cuts and strong safe-haven demand; silver also hit a record (US$69.23/oz). ^[19]

For Australian investors, record bullion prices matter beyond the obvious gold producers: they feed into sentiment across the resources sleeve and can influence expectations for M&A and project financing—especially when equity issuance conditions are otherwise mixed.

Oil bounces on Venezuela-related headlines

Oil firmed as well, after reports of US action involving Venezuelan tankers contributed to renewed upward pressure on crude prices. ^[20]

In ABC’s market snapshot, Brent crude was around US$60.90/bbl. ^[21]
Reuters similarly cited Brent around US$60.88/bbl in holiday-thinned markets. ^[22]

Energy shares tend to react quickly to crude moves—though today’s larger energy narrative in Australia came from Canberra, not just commodities.

Iron ore and the broader “China pulse”

Iron ore was softer into Friday, according to ABC, with iron ore noted around US$104/tonne in its snapshot. ^[23]

Even on days when iron ore isn’t the headline catalyst, it still anchors the earnings narrative for Australia’s heavyweight miners and remains one of the most important “macro crosswinds” for the ASX 200.

Big policy headline: Australia’s 2027 gas reservation scheme lands on markets

One of the day’s most market-sensitive news items was the federal government’s announcement of a gas reservation scheme aimed at increasing domestic supply and reducing exposure to international price spikes.

ABC reported the plan would restrict exports unless domestic demand is met first, with 15%–25% of extracted gas reserved for use within Australia. The scheme is intended to commence in 2027, while applying prospectively to new contracts entered into from today. ^[24]

Reuters reported the scheme would require LNG exporters on Australia’s east coast to keep up to a quarter of output domestically from 2027, with a minimum local allocation of 15%–25%, and said it would apply to new contracts only (not existing contracts). ^[25]

A government press conference transcript also referenced a reservation range of 15%–25% and framed the design as prospective and focused on new contracts. ^[26]

Why the gas scheme matters for ASX investors

For the sharemarket, this policy intersects with multiple trade-offs:

Domestic beneficiaries: gas-intensive manufacturers and large industrial users may see improved negotiating leverage if the policy increases supply and reduces domestic price spikes. ^[27]
Export exposure: LNG exporters and upstream producers face uncertainty about how the “export approval model” and domestic supply obligations will be implemented and enforced. ^[28]
Implementation risk: consultation and final design details matter—markets will watch for the mechanics (contracts, compliance, and any interaction with caps or state mechanisms). ^[29]

The key near-term question for energy equities is not just “what was announced,” but how quickly detail emerges and whether the scheme changes expectations for medium-term cash flows for east coast LNG-linked projects.

Company news also in focus: Origin in court, Champion Iron bids offshore

Origin Energy: regulator action over Centrepay allegations

ABC reported the Australian Energy Regulator has taken Origin Energy to the Federal Court over allegations connected to continued receipt of Centrepay payments from customers who had closed accounts and paid amounts owed. ABC said the alleged conduct affected more than 3,400 customers between December 2019 and March 2025, with allegations of more than 77,000 breaches and over $2.5 million retained from affected customers. ^[30]

Regulatory proceedings don’t always move share prices immediately, but they can influence risk premia—especially when they raise the prospect of penalties, remediation costs, and compliance program requirements. ^[31]

Champion Iron: $US289m bid for Norway’s Rana Gruber

Champion Iron was also in the headlines, with ABC reporting the ASX-listed, Canada-focused company pitched an all-cash US$289 million (A$440 million) takeover for Norwegian iron ore miner Rana Gruber, supported unanimously by Rana Gruber’s board. ^[32]

Champion said the bid would strengthen its position in supplying the “green steel supply chain,” and that funding would come from cash reserves and Canadian bank financing. ^[33]

Forecasts and analysis: RBA minutes next, and the “rates debate” is back

RBA minutes due Tuesday

The next major domestic macro catalyst is the release of minutes from the RBA’s December 2025 Monetary Policy Board meeting, scheduled for Tuesday, 23 December at 11:30am AEDT. ^[34]

At that December meeting (9 December), the RBA held the cash rate at 3.60%. ^[35]

Why investors care: the market is trying to price the next move

FNArena, citing IG’s Tony Sycamore, noted that the prior week’s ASX performance was weighed by the RBA’s hawkish tone, and that the upcoming minutes would be the key local calendar event in a quiet week. ^[36]

IG’s outlook notes the minutes are likely to be scrutinised for what could trigger a first hike or a shift back toward neutral, and also highlights interest-rate market pricing: the Australian rates market was pricing 9 basis points of hikes for February, 25bp by August, and 39bp cumulatively by end‑2026. ^[37]

That debate is also showing up in major-bank and economist forecasts. Commonwealth Bank published an outlook pointing to a possible 0.25% hike in February and projecting a cash rate of 3.85% by end‑2026. ^[38]

Meanwhile, Australia’s Mid-Year Economic and Fiscal Outlook (MYEFO) recently lifted the government’s inflation forecast to 3.75% for the year ending June 2026 (as reported by Reuters), a backdrop that can keep pressure on rate expectations. ^[39]

Global backdrop: Tech-led risk-on tone, but holiday-thin markets raise volatility risk

Offshore cues were supportive into Monday’s session. ABC noted Wall Street closed higher Friday, led by the Nasdaq. ^[40]

Reuters’ global markets report also highlighted that Asian shares extended a tech-driven rally even as turnover was sparse in a holiday-shortened week, while Bank of America cautioned that sentiment measures had moved into “extreme bullish territory,” which has sometimes preceded pullbacks. ^[41]

This matters for the ASX because liquidity conditions can amplify moves in both directions: a positive lead can carry the index quickly, but the same thin volumes can exaggerate reversals—especially around large-cap names, commodities, and any surprise policy headlines.

What to watch next: Holiday schedule, catalysts, and the “Santa rally” question

Australia’s stock market now enters the most illiquid stretch of the year.

According to the ASX trading calendar, the last business day before Christmas Day (Wednesday 24 December) is an early close, with normal trading ceasing at 14:10 Sydney time. The market is closed for Christmas Day (25 December) and Boxing Day (26 December). ^[42]

With the calendar thinning out, the biggest near-term catalysts for Australian equities are:

RBA minutes (Tuesday) — for any nuance on how close the Board is to tightening again. ^[43]
US growth data expectations — Reuters flagged markets watching delayed US GDP data in a low-liquidity environment. ^[44]
Commodity follow-through — particularly whether record gold and firmer oil continue to support resources and energy. ^[45]
Further detail on the gas reservation scheme — consultation mechanics and any shift in tone from exporters, industrial users, and policymakers. ^[46]

As for the perennial “Santa rally” conversation, ABC noted the traditional definition is tied to the final five trading days of December and the first two of January—meaning it’s a little early to declare victory. ^[47]

Bottom line: Australia stock market today is strong—but the next headlines may matter more than the next datapoint

The ASX 200’s rise today has been driven by a familiar late‑year mix: supportive global leads, a bid under resources, and outsized single‑stock reactions to guidance upgrades and governance resets. ^[48]

The bigger picture, however, is that investors are heading into the break with two issues likely to dominate early 2026 pricing:

Energy policy risk (gas reservation and export approval rules), and
Rate-path uncertainty (with markets increasingly debating whether the RBA’s next move is higher). ^[49]

If you want, I can also rewrite this in a tighter Google Discover style (shorter paragraphs, punchier subheads, fewer numbers) while keeping the same facts and citations.