Most Active ASX Stocks Today (10 December 2025): Top Traded Australian Shares and What’s Moving the Market

The Australian share market is trading cautiously today, Wednesday 10 December 2025, as investors wait for the US Federal Reserve’s final interest-rate decision of the year and digest yesterday’s RBA meeting. Around early afternoon, the S&P/ASX 200 was hovering near 8,575 points, down about 0.1% , while the All Ordinaries sat around 8,862 points, down roughly 0.15% , according to real‑time market data. Investing.com Australia+ 1

Despite the modest index move, turnover is heavy in a cluster of stocks tied to takeovers, buy-backs, lithium, gold and energy . Data from Investing.com’s Most Active – Australia Stocks page shows that National Storage REIT, DroneShield, PLS Group (formerly Pilbara Minerals), Liontown Resources and Telstra sit at the top of today’s intraday volume leaderboard, followed by Ramelius Resources, Mirvac, Zip Co, South32 and Santos . Investing.com Australia

Below is a breakdown of the 10 most active ASX stocks so far today , why traders are piling in, and what recent analysis and forecasts say about each name. All prices, moves and volumes are intraday snapshots around 1:45pm AEDT on 10 December 2025 and may change by the close.

Market backdrop: cautious mood, metals & gold in focus

Global markets are trading sideways as investors wait for Fed guidance on the pace of rate cuts in 2026. Asian equities have been mixed and bond yields remain elevated as central banks outside the US keep a hawkish tone. SWI swissinfo.ch+ 1

Locally:

• ASX 200 : roughly flat to slightly lower, tracking around 8,575 points (-0.13%) .
• All Ordinaries : around 8,862 points (-0.15%) . Investing.com Australia
• Sector moves are mixed, with materials and gold miners outperforming , while tech and select growth names lag , according to midday commentary from ABC’s markets live blog and MarketIndex’s live ASX 200 feed. ABC+ 1
• Globally, silver prices have surged to record levels , lifting sentiment towards precious‑metals miners, while lithium and battery‑tech ETFs are also in the green, supporting Australian resources stocks leveraged to the energy transition. Market Index

Against that backdrop, today’s most active ASX names are being driven by corporate actions (takeover, buy‑back, buy‑back programs), sector‑wide commodity moves and yield‑seeking flows .

Today’s 10 most active ASX stocks (intraday)

Based on the “Most Active – Australia Stocks” board around 1:45pm AEDT, the top traded shares by volume are: Investing.com Australia

1. National Storage REIT (ASX :NSR ) – ~26.3m shares traded
2. DroneShield Ltd (ASX :DRO ) – ~13.9m
3. PLS Group Ltd (ASX :PLS ) – ~12.4m
4. Liontown Resources Ltd (ASX :LTR ) – ~12.3m
5. Telstra Group Ltd (ASX :TLS ) – ~7.7m
6. Ramelius Resources Ltd (ASX :RMS ) – ~7.5m
7. Mirvac Group (ASX :MGR ) – ~7.0m
8. Zip Co Ltd (ASX :ZIP ) – ~6.3m
9. South32 Ltd (ASX :S32 ) – ~6.2m
10. Santos Ltd (ASX :STO ) – ~5.8m

Let’s look at what’s driving each of them.

National Storage REIT (ASX :NSR ): takeover target dominates the tape

• Intraday snapshot:
  • Price: ~ $2.79
  • Move: flat (0.0%)
  • Volume: ~ 26.3m , the highest on the ASX today. Investing.com Australia

National Storage REIT remains the most actively traded stock on the Australian market as institutional investors, arbitrage funds and retail traders position around its agreed takeover.

A few key developments:

• On 7–8 December , Brookfield Asset Management and Singaporean sovereign wealth fund GIC agreed to acquire NSR via a scheme of arrangement valued at roughly A$4.5 billion , offering around $2.86 per security . Morningstar+ 1
• On 10 December 2025 , NSR released a “Disclosure under Takeovers Panel Guidance Note 20 – Equity Derivatives” announcement, which typically outlines derivative positions and interests associated with the takeover process. Intelligent Investor

Today’s heavy trading reflects:

• Merger‑arb positioning as investors weigh the probability of the Brookfield‑GIC scheme completing at the headline price.
• Spread‑trading between the current market price (~$2.79) and the proposed cash consideration, with traders attempting to capture a small arbitrage return. FT Markets+ 1

Forward‑looking commentary:
Broker and media analysis generally frame NSR as a “yield plus M&A” story now largely tied to deal completion risk rather than fundamentals . Most of the price action from here is expected to track news on regulatory approvals, scheme documentation and any competing bids.

DroneShield Ltd (ASX :DRO ): defense-tech momentum continues

• Intraday snapshot:
  • Price: ~ $2.12
  • Move: +9.0%
  • Volume: ~ 13.9m³ . Investing.com Australia

DroneShield, a specialist in AI‑powered counter‑drone and electronic warfare systems , is once again a standout mover. The company develops RF sensing and sensor‑fusion technology for military, government and critical‑infrastructure customers across land, sea and air domains. Droneshield

Today’s surge builds on:

• A recent run in the stock, highlighted in earlier market coverage where investors “piled back into DroneShield” with double‑digit gains as geopolitical tensions and defense spending themes stayed front of mind. The Australian Financial Review+ 1
• Ongoing global interest in counter‑UAS capabilities , which has put DroneShield on watchlists of growth‑oriented and thematic investors.

ABC’s markets live blog notes DroneShield up about 10% intraday , making it one of the day’s strongest performers in the broader market. ABC

Forward‑looking commentary:
Analyst and blog coverage tend to frame DRO as a high‑beta, contract‑driven stock :

• Revenue can jump sharply on large defense contracts but remains lumpy, which can boost both upside and volatility.
• With defense and national‑security spending elevated globally, sentiment toward the counter‑drone space remains positive, but investors are highly sensitive to order‑flow news and ASX queries on trading spikes. Yahoo Finance+ 1

PLS Group Ltd (ASX :PLS ): new name, same lithium leverage

• Intraday snapshot:
  • Price: ~ $4.21
  • Move: +3.4%
  • Volume: ~ 12.4m³ . Investing.com Australia

Formerly Pilbara Minerals Limited , this major lithium producer recently changed its name to PLS Group Ltd , while retaining the PLS ticker . A Motley Fool Australia article on 9 December highlighted the change and pointed out that investors searching for “Pilbara Minerals” on the ASX may now instead find ‘PLS Group’ on trading platforms. The Motley Fool+ 1

Today’s activity is underpinned by:

• Ongoing interest in lithium and battery‑materials stocks , with lithium‑focused ETFs and strategic metals funds registering gains in overnight trade. Market Index
• A short‑term technical uptrend: StockInvest’s daily forecast noted PLS had risen on three consecutive sessions into 9 December, gaining nearly 8% over two weeks, and flagged further near‑term upside as possible, albeit with typical volatility for lithium names. StockInvest

Forward‑looking commentary:
Analyst commentary continues to stress:

• Lithium price risk – spot prices have stabilized from 2024 lows but remain well below 2022 peaks.
• PLS’s scale, balance sheet and established operations still position it as a key ASX lithium bellwether , but price momentum will likely track sentiment towards electric‑vehicle demand and Chinese battery output.

Liontown Resources Ltd (ASX :LTR ): lithium developer back on the radar

• Intraday snapshot:
  • Price: ~ $1.53
  • Change: about +3.0%
  • Volume: ~ 12.3m³ . Investing.com Australia+ 1

Liontown, developer of the Kathleen Valley lithium project , is seeing elevated trade today, appearing in both the most‑active board and the top‑gainers list on MarketIndex’s ASX 200 live blog. Market Index

Recent context:

• The company’s September‑quarter activities report , released in late October, confirmed first production from Kathleen Valley and provided detail on ramp‑up plans and tenement holdings. Liontown Ltd
• In October, Liontown amended its debt facility and spodumene offtake agreement with Ford , reducing committed volumes and giving Ford more optionality — a move seen as de‑risking project financing while providing flexibility on sales. Liontown Ltd
• A recent intrinsic value analysis suggested Liontown could be trading at a discount of roughly 40–50% to estimated fair value , reinforcing its status as a high‑beta but potentially undervalued lithium growth story. Yahoo Finance

Forward‑looking commentary:
Liontown’s trading today looks driven by:

• Sector‑wide interest in lithium amid stronger battery‑materials ETFs. Market Index
• Ongoing speculation over whether strategic or offtake partners may seek deeper exposure to Kathleen Valley as it moves through its early production ramp-up.

Telstra Group Ltd (ASX :TLS ): dividend heavyweight attracts yield hunters

• Intraday snapshot:
  • Price: ~ $4.91
  • Move: around -0.2%
  • Volume: ~ 7.6m³ . Investing.com Australia+ 1

Australia’s largest telecom is once again among the most‑traded blue‑chips . Although TLS is only fractionally lower today, turnover remains strong as income investors and institutions rotate around defensive yield plays.

Recent drivers:

• Ongoing on‑market share buy‑back activity , with Telstra lodging multiple Appendix 3C updates in recent weeks. ListCorp+ 1
• Fresh coverage from income‑focused commentators. Recent articles from Motley Fool Australia have spotlighted Telstra as a “dividend giant” and a “lazy investor” dividend‑growth candidate , highlighting its relatively stable earnings profile and fully franked dividend stream. The Motley Fool+ 1

Forward-looking commentary:

• Fundamental research platforms note Telstra’s modest but steady capital growth combined with a reliable fully‑franked yield , making it a core holding in many income portfolios. Intelligent Investor+ 1
• With bond yields elevated and regulators watching telco pricing, consensus expectations are for gradual rather than explosive earnings growth , but buy‑backs and cost discipline may support EPS over the medium term.

Ramelius Resources Ltd (ASX :RMS ): A$250m buy‑back lights up gold miner

• Intraday snapshot:
  • Price: ~ $3.60
  • Move: +6–7%
  • Volume: ~ 7.5m³ . Investing.com Australia+ 1

Gold producer Ramelius Resources is one of today’s biggest stories on the ASX.

Key catalyst today (December 10, 2025) :

• Ramelius announced it will launch an on‑market share buy‑back of up to A$250 million , with an Appendix 3C lodged the same day detailing the program. Ramelius Resources+ 1
• Commentary from ABC’s markets live blog notes the stock is up around 7% , while MarketIndex lists it among the top ASX 200 gainers , attributing the move to the buy‑back news. ABC+ 2Market Index+ 2
• A same‑day explainer from Motley Fool Australia points out that Ramelius plans to buy back up to 73.96 million shares between December 2025 and June 2027, potentially removing a meaningful portion of its free float. The Motley Fool

Forward-looking commentary:

• The buy‑back is widely seen as a signal of balance‑sheet strength and management confidence in the company’s cash‑generation profile at current gold prices.
• For existing shareholders, the program could be EPS‑accretive if executed at attractive prices, but it also concentrates exposure to gold‑price volatility.

Mirvac Group (ASX :MGR ): steady REIT with active capital management

• Intraday snapshot:
  • Price: ~ $2.02
  • Move: about -1.0%
  • Volume: ~ 7.0m³ . Investing.com Australia

Listed property heavyweight Mirvac continues to see solid turnover as investors reposition portfolios after the RBA left rates on hold but retained a hawkish tone. Market Index

Recent developments:

• Mirvac has lodged several ASX notices regarding unquoted securities and cessation of securities in early December, reflecting ongoing capital-management and staff-incentive activity. mirvac.com+ 1
• Last month, a research note from Macquarie assigned Mirvac an “outperform” rating and forecast roughly 18% upside , citing its diversified portfolio, residential pipeline and the strategic acquisition of land‑lease community operator Serenitas. The Motley Fool

Forward-looking commentary:

• With bond yields remaining elevated, REITs like Mirvac trade as leveraged plays on the interest‑rate outlook .
• Analyst commentary emphasizes Mirvac’s quality asset base and development pipeline , but warns that office valuations, retail footfall and funding costs remain key swing factors for the stock.

Zip Co Ltd (ASX :ZIP ): BNPL name trades heavily on buy‑backs and Black Friday data

• Intraday snapshot:
  • Price: ~ $3.08
  • Move: around -1.8%
  • Volume: ~ 6.3m³ . Investing.com Australia+ 1

Buy‑now‑pay‑later and digital finance group Zip Co is once again a volume leader.

Key recent drivers:

• Zip has been aggressively conducting on‑market share buy‑backs , with multiple Appendix 3C updates on 8–10 December 2025 outlining ongoing repurchases and changes in substantial holdings. Zip+ 1
• A recent BusinessWire release on Black Friday and Cyber ​​Monday noted that Zip processed approximately 1.6 million transactions over the shopping weekend , underscoring resilient usage across its core markets. Business Wire

Despite today’s modest price decline, the combination of:

• High trading volume ,
• Active buy‑back program , and
• Continued transaction‑growth headlines

keeps ZIP firmly in the crosshairs of short‑term traders and long‑term growth investors.

Forward-looking commentary:

• Research platforms still flag credit quality, funding costs and regulatory risk as key variables for the BNPL space, but Zip’s shrinking share count and improving unit economics are frequently cited as potential positives if macro conditions remain supportive. Yahoo Finance+ 1

South32 Ltd (ASX :S32 ): governance refresh and buy‑backs drive interest

• Intraday snapshot:
  • Price: ~ $3.43 range
  • Change: about +1.6%
  • Volume: ~ 6.2m³ . Investing.com Australia+ 1

Diversified miner South32 is seeing robust turnover as investors digest its recent governance and portfolio announcements.

Recent developments:

• South32 recently appointed Geoff Healy as an independent non-executive director, strengthening board-level ESG and sustainability oversight. Analytical coverage from Simply Wall St argues this appointment is prompting investors to reassess the company’s long‑term capital‑allocation priorities , especially around energy‑transition metals. Simply Wall Street+ 1
• The company is actively running a share buy‑back program , lodging daily notifications with the ASX and international exchanges. A recent update detailed ongoing on‑market repurchases under this capital‑management plan. Investing
• Price‑history data shows S32 has been volatile over recent sessions, with the stock slipping earlier in the week before today’s bounce. Yahoo Finance+ 1

Forward-looking commentary:

• Sector commentary highlights South32’s pivot away from higher‑carbon assets (such as nickel and certain base‑metals operations) toward aluminum, copper and other energy‑transition exposures as a key medium‑term theme. Kalkine Media+ 1
• The combination of ongoing buy‑backs and portfolio reshaping is seen as supportive for per‑share metrics, though earnings remain leveraged to commodity‑price cycles and FX moves.

Santos Ltd (ASX :STO ): energy giant stays in focus

• Intraday snapshot:
  • Price: ~ $6.33
  • Move: around -1.3%
  • Volume: ~ 5.8m³ . Investing.com Australia+ 1

Oil and gas major Santos is also among today’s most active names, reflecting ongoing interest in the Australian energy complex.

Recent context:

• Short‑term price data shows Santos has drifted lower over several recent sessions , with technical commentary noting a three‑day losing streak into 9 December and flagging near‑term downside risk if support levels fail.
• A pre‑market note from Motley Fool Australia titled “5 things to watch on the ASX 200 on Wednesday 10 December 2025” highlighted Santos as one of the stocks to watch today , helping keep the name front of mind for traders even without a major fresh company announcement at the open.

Forward-looking commentary:

• Market watchers continue to frame Santos as a leveraged play on global LNG demand and oil prices , noting that any shift in OPEC+ policy, Asian gas demand or domestic regulatory settings can quickly alter the earnings outlook.

How today’s most active ASX stocks fit the broader story

Across these 10 names, a few clear themes run through today’s trading on the Australian market:

1. Event‑driven flows dominate volumes
   • NSR’s takeover, RMS’s A$250m buy‑back and ZIP’s ongoing repurchase program are powerful volume magnets.
2. Lithium and gold remain high‑beta focal points
   • PLS and Liontown are riding a recovery in battery‑materials sentiment.
   • Ramelius is benefiting from both firm gold prices and a major capital‑management announcement.
3. Yield and defensives are still in demand
   • Telstra and Mirvac continue to attract high turnover as investors balance income needs against rate uncertainty.
4. Energy & defense stay in the spotlight
   • DroneShield captures speculative interest in defense tech.
   • South32 and Santos show that investors remain engaged with traditional resources and energy‑transition plays, even on a cautious index day.