ASX 200 Live Today - Tuesday, 25th November
Tech stocks rally in the US, setting up the ASX 200 for another positive session
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Tuesday, November 25. We’re excited to trial this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Today's live blog will wrap up at 12:00 pm AEDT. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
Up 75% in 12 months. How much longer can this small cap stay under the radar? - The highlights
[11:58 am]
Navigator Global Investments (ASX: NGI) has surged more than 75% over the past 12 months as investor awareness builds and the company leans into growth opportunities across the alternatives landscape. CEO Stephen Darke is now signalling a bolder ambition for the years ahead.
Key insights
Navigator is the only pure-play alternatives exposure on the ASX
CEO Stephen Darke targeting earnings to more than double by FY30
UBS maintains a buy rating and recently lifted its price target
Balance sheet has been strengthened and the dividend suspended to fund acquisitions
Alternative asset demand accelerating globally across platforms, private banks, insurers and family offices
Navigator now owns stakes in 11 managers and sees potential to expand beyond 20
Strategy centres on inflows, organic growth and scaling partner firms
To explore the investment case, strategic priorities and growth tailwinds behind NGI’s rise, you can read the full article here.
Who are the best CEO's in the world? 4 top fundies weigh in - the highlights
[11:54 am]
In a market where cycles turn quickly and sentiment can be fickle, great leadership remains one of the most consistent drivers of long-term shareholder value. In this latest piece, four respected fund managers nominate the CEOs they believe sit at the very top of global leadership today.
Key insights
Tobias Yao highlights Geoff Stewart (Supply Network [ASX: SNL]) for multi-decade organic growth, customer obsession and disciplined capital allocation
Marc Whittaker nominates Quinton Hildebrand (Ridley Corp [ASX: RIC]) for strengthening the business through targeted acquisitions, scale-building and long-term strategic positioning
Both CEOs showcase different approaches: one rooted in consistency and culture, the other in strategic transformation and resilience-building
To explore their selections and why these leaders stand out, you can read the full article here.
NAB Financial Year 2025 results: steady in a tough environment - the highlights
[11:49 am]
National Australia Bank’s (ASX: NAB) full-year FY25 result landed broadly flat against last year, with cash earnings of $7.091 billion and a softer market reaction on the day. While headline numbers appeared underwhelming, the underlying trends suggest a far more constructive picture in the bank’s strategic execution.
Key insights
Cash earnings were largely unchanged year-on-year, slightly below consensus expectations
Market focused on rising loan impairment charges and flat dividend trajectory
Under the surface, margins improved in 2H and deposit growth was particularly strong
Strategic lift in proprietary home-loan share and continued leadership in business banking
Balance sheet strength remains a standout, with CET1 comfortably above regulatory benchmarks
Elevated investment spend directed into frontline capability, digital and AI to drive medium-term gains
For a deeper breakdown of the result and where the market may be misinterpreting the numbers, you can read the full article by Roger Montgomery here.
Iress says no basis to confirm takeover speculation
[11:41 am]
Iress Limited (ASX: IRE) has addressed media reports suggesting acquisition interest, stating it cannot confirm the claims published regarding pricing or exclusivity terms.
Iress' share price has dropped 5.42% to $9.155.
Key highlights
Company acknowledges recent media speculation on takeover interest
Board says it has no basis to confirm claims reported in The Australian
Engaging with multiple parties to assess any credible proposal
Will continue ongoing updates pursuant to disclosure obligations
Bendigo & Adelaide Bank launches AML/CTF remediation after Deloitte review - shares down sharply
[11:35 am]
Bendigo & Adelaide Bank (ASX: BEN) shares have fallen around 8% this morning after the bank announced it will undertake a major upgrade of its anti–money laundering and counter-terrorism financing controls after a Deloitte investigation uncovered significant gaps across its risk-management framework.
The review - prompted by suspicious activity the bank reported to AUSTRAC - examined six years of transactions and found deficiencies not only at the branch involved but across key areas including customer due diligence, risk assessments, oversight, risk ratings and transaction-monitoring coverage.
The board says it is fully committed to funding the required enhancements, though final costs remain unknown. The bank will continue to work with AUSTRAC, APRA and ASIC as it progresses its remediation program.
DroneShield soars 11.75% after securing $5.2m European military contract
[11:35 am]
DroneShield (ASX: DRO) has secured a $5.2 million follow-on order through its European reseller, supplying handheld counter-drone systems and accessories as part of a broader rollout. The company confirmed the hardware is already on hand and payment is expected this quarter.
Key highlights:
$5.2m follow-on contract via European reseller
Products destined for a European military customer
Hardware fully stocked and ready for dispatch
Cash payment scheduled for 4Q25
Builds on three-year reseller relationship with 12 earlier contracts totalling over $70m
Ramsay Health Care delivers steady Q1 growth, reaffirms FY26 outlook
[11:26 am]
Ramsay Health Care (ASX: RHC) has issued a trading update at its AGM, highlighting a solid first quarter for its Australian operations and reaffirming guidance for FY26.
Q1 Australia Highlights
Statutory EBIT up 5.8% y/y, supported by strong performance in the private hospital portfolio.
Total revenue +6.5% y/y, driven by improved indexation and higher surgical and medical activity.
Admissions +2.6% and Inpatient Days of Admission +3.2%, aided by winter-related medical demand and growth in high-acuity procedures.
Theatre utilisation increased by 1 percentage point, reflecting early progress in operational improvements.
Patient NPS remains strong at 72.6, underscoring continued care quality.
Outlook Reaffirmed
Ramsay reiterated that its Australian business expects EBIT growth in FY26, supported by:
Better revenue indexation across private hospitals
Ongoing cost-efficiency initiatives
Continued uplift in surgical capacity and utilisation
The company also noted that the Joondalup public campus will face profitability headwinds under its revised funding mechanism, though mitigation strategies are underway.
RHC is currently up around 12%.
Top gainers and fallers
[11:25 am]
MTM surging 18.98%, with WEB up 8.25% since results were released.
BOC plunging 48.26%, with FWD down 9.52% after announcing departure of CEO and Managing Director Bruce Nicholson.
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Chart of the Day - Accent Group (AX1)
By Chris Conway
[11:15 am]
Yesterday I showed you an example of the technicals I like to see on a chart, via Charter Hall Group (CHC). With not many stocks coming up on my morning scans, I thought I'd take this opportunity to show you the antithesis of what I look for, via Accent Group. I actually quite like this business, but the technicals are the technicals, are they are very bearish. The EMAs (8-, 21-, 125-period) are in a bearish configuration, highlighting negative trend alignment across multiple timeframes. The downtrend resistance line has capped the price action and funnelled it lower over the past 12 months - each peak has been met with renewed, often more aggressive selling (like the bears were just waiting for better prices to bail). We've also seen a break below previous support and, more recently, a hard break below the $1 round number - on a big spike in volume, no less. The only saving grace is that the RSI is incredibly oversold - but don't let that fool you. An imminent turnaround does not look likely.
Fleetwood plunges nearly 10% on sudden CEO departure
[11:05 am]
Fleetwood (ASX: FWD) share price has dropped a whopping 9.89% after announcing the immediate departure of CEO and Managing Director Bruce Nicholson.
Key highlights:
Bruce Nicholson exits the role of MD & CEO, effective immediately
Board says the decision supports the company’s long-term direction
Executive search underway to appoint a permanent replacement
Chair John Klepec to oversee CEO responsibilities on an interim basis
Company reiterates continuity across operations and strategy
John Klepec, Chair of the Board commented:
“On behalf of the Board, we thank Bruce for his contributions to Fleetwood and wish him well in his future endeavours. We remain confident in our strategy and the strength of our leadership team to continue delivering value to our customers, employees, and shareholders.”
SRG Global share price surges as it lands $650 million of contracts
[10:40 am]
SRG Global (ASX: SRG) has unveiled $650 million in newly awarded contracts spanning diverse sectors across Australia and New Zealand. The pipeline includes a mix of construction, infrastructure delivery and multi-year maintenance agreements across both countries.
The stock is up 6.37% since the announcement.
Key highlights:
Total new contracts: $650m across Australia and New Zealand with blue-chip clients
Activity stretches across water, defence, transport, energy, industrial, resources, health and education
New work includes water assets in WA and NSW, and bridge upgrades in Victoria
Renewable energy project delivery in the Pilbara for Fortescue
Long-duration maintenance and shutdown partnerships with major resource operators, including Wesfarmers, South32, Roy Hill, Tianqi Lithium and Alcoa
Appointment to Rio Tinto’s sustaining capital panel
New hospital and university infrastructure packages in WA, Victoria and New Zealand
David Macgeorge, SRG Global Managing Director, commented:
“SRG Global continues to go from strength to strength, underpinned by strong demand for our specialist capabilities and an annuity earnings profile in line with our long-term strategy to deliver sustainable growth across the diverse sectors and geographies in which we operate.”
WEB Travel Group share price jumps after results
[10:20 am]
WEB Travel Group (ASX: WEB) has reported double-digit growth for the six months ending 30 September 2025 across core earnings, lifted margins and reinforced balance sheet strength heading into the second half.
The stock is up 3.63% to $4.00.
Key highlights:
Total transaction value (TTV): $3.2 billion, up 22% year-on-year.
TTV margin reached 6.5%, ahead of expectations.
WebBeds EBITDA: $94.0 million, up 21%
Underlying Group EBITDA: $81.7 million, up 17%
Company reiterates confidence in delivering record FY26 EBITDA
Management reiterated its target to deliver a record FY26 underlying EBITDA of $147-$155 million.
Robust balance sheet with $481m in cash and $699m in available liquidity.
The company sees further upside ahead, supported by strong early 2H trading (TTV + 23% over the first 7 weeks), expanding client wins, broader geographic reach and a scalable operating model.
Management continues to target $10 billion in TTV by FY30, supported by network effects and accelerating client relevance.
Commenting on the result, Managing Director John Guscic said:
"Trading for the first 7 weeks of 2H26 has been strong with TTV up 23% compared to the same period last year. We are on track to deliver record results with FY26 underlying EBITDA expected to be between $147 and $155 million.”
ASX companies to watch
[9:52 am]
Qube Holdings (ASX: QUB) downgraded to HOLD from Buy by Ord Minnett; target increased, however, to $5.20 from $4.52
Web Travel Group (ASX: WEB) has posted its 1H26 report
Star Entertainment (ASX: SGR) will hold its annual general meeting in Brisbane in the morning
Fleetwood (ASX: FWD) shares will be worth watching after the company announced CEO Bruce Nicholson will depart effective immediately
SRG Global (ASX: SGR) secures A$650M of contracts with blue-chip clients across Australia and NZ
Good morning!
[9:46 am]
Get up to speed
ASX 200 futures are up 35pts (+0.41%) as of 9:00 am AEDT.
In a nutshell:
The Buffett effect is in full force. Google jumped more than 6%, pulling U.S. markets higher. The Nasdaq rallied 2.69% - its best session since May - while Broadcom and Tesla surged 11% and nearly 7%. With confidence in AI returning, the ASX tech index in particular could get a lift today.
But the rally was narrow. Tech once again stole the spotlight. The equal-weight S&P 500 rose just 0.42%, underscoring how concentrated the gains were.
Watch ASX gold today. With gold higher overnight, and TSX-listed gold miner ETFs ripping over 6%, local gold stocks could see solid price action.
