Australian shares traded cautiously around the 8,600 mark on Tuesday, 9 December 2025, as investors waited for the Reserve Bank of Australia’s final interest-rate decision of the year and digested a string of stock‑specific catalysts. Futures pointed lower in the morning and the ASX 200 opened down about 0.3%, with only a couple of sectors in the green. [1]
Beneath the relatively modest index move, trading activity was concentrated in a familiar mix of iron ore giants, lithium stocks, big banks and a handful of high‑beta names. Data from TradingView and Investing.com show that Fortescue, BHP, Commonwealth Bank, Pilbara Minerals, Lynas, the other major banks and several lithium and BNPL plays were among today’s most heavily traded stocks by both value and volume. [2]
Key takeaways
- The S&P/ASX 200 hovered around the mid‑8,600s, modestly lower as traders waited on the RBA, with miners and gold shares under pressure and financials broadly steady. [3]
- By traded value, Fortescue Metals Group (FMG), BHP Group (BHP), Commonwealth Bank of Australia (CBA), Pilbara Minerals (PLS) and Lynas Rare Earths (LYC) were among the most active large caps. [4]
- By share volume on the ASX 200, Liontown (LTR), Pilbara Minerals, Nickel Industries (NIC), National Storage REIT (NSR) and Zip Co (ZIP) topped the “Most Active Stocks” list, each trading more than 5 million shares. [5]
- Lithium sentiment remained front and centre after news that CATL’s Jianxiawo lithium mine had struggled to restart and Liontown revealed a fresh offtake deal with Canmax Technologies. [6]
- Corporate action and earnings resets drove some of the most dramatic single‑stock moves, with National Storage REIT heavily traded on a A$4 billion Brookfield–GIC takeover and Bapcor plunging on sharply lower profit guidance. [7]
ASX 200 today: RBA nerves and a hangover from Monday’s sell‑off
Monday’s session set the tone: the ASX 200 slipped around 0.1–0.2% to the low‑8,620s as miners and gold stocks were sold on weaker iron ore prices and a bout of risk‑off sentiment. BHP, Rio Tinto and Fortescue all lost between about 0.2% and 1.4%, while gold names such as Northern Star fell roughly 1%. [8]
Investors are now squarely focused on the RBA’s December meeting. Markets broadly expect the central bank to hold the cash rate steady on Tuesday, but recent data showing the fastest annual growth in two years and renewed inflation pressure have pushed rate‑hike probabilities further into 2026, leaving traders wary of a possible hawkish tone. [9]
At the open on Tuesday, only two sectors were higher, with 120 stocks in the red and roughly a third of the index flat or up. [10] Against that backdrop, turnover concentrated in names with direct exposure to iron ore, lithium, interest rates or company‑specific news.
Where the money went: most active ASX stocks by value and volume
By traded value, TradingView’s “Most actively traded Australian stocks” screen shows a familiar cluster at the top of today’s leaderboard: [11]
- Fortescue Ltd (FMG) – around A$57.6 million traded, price near A$22.4
- BHP Group (BHP) – about A$51.3 million, trading around A$44.6
- Commonwealth Bank (CBA) – roughly A$33.7 million at ~A$154
- Pilbara Minerals (PLS) – more than A$26 million traded around A$4.0
- Lynas Rare Earths (LYC) – around A$26 million at roughly A$13, though among the day’s bigger fallers
They were followed by National Australia Bank (NAB), CSL, Westpac (WBC), Telstra (TLS), ANZ, Woodside Energy (WDS) and Northern Star (NST), all trading over A$17 million in value. [12]
By share volume on the ASX 200, the picture tilts slightly towards mid‑caps and lithium:
- Liontown Resources (LTR) – ~8.6 million shares traded, price around A$1.47
- Pilbara Minerals (PLS) – ~7.0 million shares
- Nickel Industries (NIC) – ~6.4 million shares
- National Storage REIT (NSR) – ~5.9 million shares
- Zip Co (ZIP) – ~5.5 million shares changing hands near A$3.14 [13]
That mix tells you a lot about where traders see near‑term risk and opportunity: cyclicals (iron ore and gold), high‑beta growth (lithium, BNPL, tech), and rate‑sensitive financials.
Mining heavyweights: BHP, Fortescue and South32 dominate turnover
BHP: materials sector bellwether
BHP shares have been on a tear. Over the past week they surged more than 7%, recently touching a 52‑week high near A$44.8, helping push the S&P/ASX 200 Materials Index to record levels as copper prices firm and iron ore holds reasonably steady. [14]
The macro backdrop remains supportive. China’s December Politburo meeting signalled continued fiscal support and “moderately loose” monetary policy into 2026, with a focus on infrastructure and electrification. RBC analysis suggests this is positive for iron ore and copper‑exposed names such as BHP and South32, with steady demand for steel and grid‑related metals. [15]
Fortescue: iron ore leverage cuts both ways
Fortescue remains one of the purest iron ore plays on the index, which is exactly why it dominates ASX turnover today. Over the last six months the stock has climbed more than 40%, boosted by strong ore prices, but recent analysis has cautioned that such concentration leaves investors heavily exposed if Chinese demand cools or iron ore prices retreat. [16]
Add in Fortescue’s ongoing transition into green energy projects—where timelines and capital commitments have already been under review—and you get a stock with both high conviction bulls and sceptics, a perfect recipe for outsized trading volumes. [17]
South32 and Northern Star: metals and gold under pressure
South32, also on many investors’ screens thanks to its copper and diversified metals exposure, sits just behind the big iron ore names in traded value, benefitting from the same supportive China read‑through. [18]
Gold was a drag, however. Reuters reported that Australian gold miners slipped as much as 1.4% on Monday despite firmer bullion, with Northern Star Resources giving back around 1.1%. [19] That softness in the precious‑metals complex has kept gold majors active but not necessarily in favour today.
Lithium and critical minerals: Liontown, Pilbara and Lynas in the spotlight
If you want to understand today’s “most active” list, you have to look at lithium.
Liontown (LTR): big Canmax offtake locks in future demand
Liontown shares were again heavily traded after the company executed a binding offtake agreement with China’s Canmax Technologies for 150,000 wet metric tonnes of spodumene concentrate in 2027 and another 150,000 tonnes in 2028. Pricing will be linked to spodumene index benchmarks rather than fixed terms, giving Liontown leverage to market prices. [20]
Capital Brief notes that the deal deepens Liontown’s customer diversification across the battery value chain, while Management emphasised that index‑linked pricing and continued spot sales should “ensure we realise fair value” for production from the Kathleen Valley project. [21]
Despite the strategically positive news, Liontown’s share price traded slightly lower around A$1.50 by mid‑morning, even after gaining roughly 18% across the week. [22] High volumes suggest some investors used the rally and headline to lock in profits.
Pilbara Minerals (PLS): momentum meets valuation risk
Pilbara Minerals remains one of the busiest lithium counters on the ASX:
- The stock gained about 6% on Monday to around A$4.03, trading near a 52‑week high of A$4.26.
- Over the past fortnight, it’s up more than 7% with roughly 20 million shares changing hands in Monday’s session alone. [23]
Technical analysis from StockInvest suggests Pilbara’s short‑term trend remains positive, with multiple supportive signals and potential for further upside in the near term. [24]
Fundamentally, though, recent commentary highlights stretched valuations: a recent analyst survey cited nine “hold” ratings and six “strong buys”, with an average target price around A$3.11 – notably below the current share price, implying that much of the good news on lithium prices may already be priced in. [25]
Lynas, IGO, Vulcan & the broader lithium basket
Lynas Rare Earths appears on today’s “Top Losers” board, down more than 4% around A$13, even while still ranking among the most actively traded stocks. [26] IGO, Mineral Resources and Vulcan Energy Resources also feature on the high‑turnover list, reflecting a market that remains highly engaged—if not uniformly bullish—on the energy‑transition metals trade. [27]
Macro‑wise, lithium bulls gained fresh ammunition from reports that CATL’s Jianxiawo lithium mine failed to resume production on schedule, with traders in China warning some local firms have effectively run out of ore to sell. Market Index notes that this supply scare partly explains Monday’s unusually strong moves in Pilbara and Liontown shares. [28]
At the same time, RBC’s read on China’s latest policy signals is more neutral on lithium than on iron ore or copper: electrification and grid investment remain tailwinds, but there’s no new policy trigger to mop up potential over‑capacity. [29]
Banks, telcos and financials: CBA, NAB, Westpac, ANZ and Telstra soak up liquidity
Australia’s big four banks are almost always near the top of the volume leaderboard, and today is no exception.
- CBA traded heavily around A$154, up modestly versus last week’s close. Data from Intelligent Investor show the stock sitting about 1% higher than a week ago, reflecting ongoing demand for its high‑quality franchise despite a P/E above 25x. [30]
- NAB, Westpac and ANZ all turned over tens of millions of dollars’ worth of stock, with dividend yields in the 4–5% range and mid‑teens earnings multiples keeping income‑focused investors engaged. [31]
With the RBA expected to hold rates, there was no sharp rotation in or out of the sector, but high liquidity in the banks underscores their role as the market’s primary vehicles for interest‑rate and domestic‑growth positioning. [32]
Telstra also sits high on the traded‑value list, changing hands around A$4.9. Recent sector‑wide scrutiny of telecommunications reliability—after Triple Zero outages and ongoing Senate hearings—has kept investors sensitive to regulatory and reputational risk in the telco space, even as Telstra remains a core defensive holding. [33]
Wealth‑platform operator Netwealth (NWL) and diversified financials such as Macquarie also appear among today’s most active names, reflecting persistent investor interest in fee‑based earnings and exposure to global capital markets cycles. [34]
Deal‑making & downgrades: National Storage and Bapcor move on news
National Storage REIT (NSR): takeover‑fuelled volumes
National Storage REIT continues to trade heavily following confirmation of a A$4 billion takeover by a Brookfield–GIC consortium, in what Reuters describes as the largest take‑private of an Australian real estate firm to date. [35]
The agreed offer of A$2.86 per share represented a roughly 26.5% premium to National Storage’s late‑November closing price and pushed the stock to record highs near A$2.81. [36] With the shares now trading around A$2.79 on very high volume, the stock has become a playground for arbitrage traders weighing deal risk, funding costs and the odds of a competing bid. [37]
Bapcor (BAP): guidance cut and record short interest
Auto‑parts retailer Bapcor is one of the day’s most dramatic stories, even if it sits just outside the absolute top‑five by volume. Market Index reports that Bapcor shares fell about 16% in the first minute of trade, hovering near A$2.00 and taking year‑to‑date losses to around 56%, levels not seen since early 2015. [38]
The company guided FY26 underlying NPAT down to A$44–49 million, a 42% year‑on‑year decline and roughly 15% below already‑revised Citi expectations. Short interest has climbed to just under 6%, close to record highs, setting the stage for volatile two‑way trading as bears press their view and some traders start sniffing for a potential short squeeze. [39]
High‑beta trade: Zip Co, DroneShield and other active names
Zip Co (ZIP): volatile BNPL favourite
Buy‑now‑pay‑later group Zip Co remains a high‑beta lightning rod. It sits in the ASX 200’s top five by share volume, with more than 5.5 million shares traded around A$3.14 today. [40]
After a sharp 10% fall on 2 December amid fresh regulatory scrutiny, Zip rebounded last week and gained around 5.7% on Monday to A$3.15, extending a two‑week advance of just over 6%. [41]
Short‑term technical analysis from StockInvest is cautious, noting multiple negative signals and warning the stock may “perform weakly in the next couple of days or weeks”, even though liquidity remains strong and the broader BNPL narrative stays tied to consumer credit conditions and regulation. [42]
DroneShield (DRO) and other growth names
DroneShield, a defence‑technology firm, features both among the ASX’s top gainers and its more actively traded stocks, rising about 2–2.5% on the day with nearly 5 million shares changing hands, following a period of heightened volatility earlier this month. [43]
Other high‑turnover growth and tech names on the TradingView list include Xero (XRO), WiseTech Global (WTC), TechnologyOne (TNE) and Telix Pharmaceuticals (TLX), reflecting ongoing appetite for structurally growing software and healthcare platforms even as valuations remain demanding. [44]
What today’s activity is telling ASX investors
Pulling it all together, today’s most active stocks are sending a few clear messages about market sentiment:
- Macro still matters, but stock‑specific stories dominate turnover.
RBA uncertainty and global rate expectations are shaping the index‑level tone, yet it’s micro catalysts—Liontown’s offtake, National Storage’s takeover, Bapcor’s downgrade—that are really driving the heaviest flows. [45] - China policy remains the quiet puppet‑master.
Beijing’s commitment to infrastructure and grid investment underpins iron ore and copper names like BHP, Fortescue and South32, while lithium markets respond to every hint of supply disruption or policy adjustment. [46] - Risk appetite is selective, not euphoric.
Investors are clearly willing to chase upside in future‑facing themes—lithium, battery metals, BNPL and defence tech—yet heavy volumes in “quality” banks, Telstra and a buyout‑bound REIT show that capital is still anchored in yield and defensives. [47]
Outlook: three things for traders to watch next
Looking beyond today’s tape, the following catalysts are likely to shape the next wave of “most active” ASX names:
- RBA statement and forward guidance
A steady cash rate is largely priced in; what matters is how the bank characterises inflation risks and the timing of any future tightening. A more hawkish tone could cool enthusiasm for high‑multiple growth names and re‑energise the banks. [48] - Iron ore, copper and lithium price moves
Any fresh data on Chinese steel demand, infrastructure spending or progress at key lithium operations like CATL’s mines could rapidly shift sentiment across BHP, Fortescue, Pilbara, Liontown, Lynas and other materials stocks that currently dominate turnover. [49] - Deal risk and earnings downgrades
National Storage’s takeover and Bapcor’s guidance reset underline how quickly deal‑making or profit warnings can catapult a stock into the “most active” column. Investors should expect more of this as 2025 trading updates and early‑2026 outlooks begin to land. [50]
References
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