Evening Wrap: ASX 200 inks gain as CSL, COH, RMD slide, tech rally patchy as WTC, TNE up vs XRO, 360 down

The S&P/ASX 200 closed 1.9 points higher, up 0.02%.

The ASX 200 bounced off its session lows (it was down 0.53% at the open) to sneak a sliver of a gain for the session. You’ll likely find a better showing than the benchmark’s 0.02% rise across your portfolio, though, as roughly 2 out of the Top 300 stocks rose compared to each decliner.

Financials (XFJ) (-0.24%) dragged on the ASX 200, as Commonwealth Bank of Australia (CBA) lost 1.0%, and Macquarie Group (MQG) lost 2.3%. In MQG’s defence, it did go ex-dividend by $2.80 35% franked.

Healthcare (XHJ) (-0.6%) was another underperforming sector – today’s worst – with CSL (CSL) (-0.8%), Cochlear (COH) (-0.5%) and Resmed (RMD) (-2.1%) struggling there. The Gold sub-index (XGD) (-0.7%) also pulled back, shedding just over 2%.

Information Technology (XIJ) (+1.2%) was the best performing sector, as beaten down Technology One (TNE) (+2.9%) and Wisetech Global (WTC) (+1.1%) bounced – but it wasn’t all roses – as Xero (XRO) (-0.1%) and Life360 (360) (-0.8%) continued their slides… 📉

The highlight of today’s session was the continued strengthening of lithium stocks. Benchmark lithium futures are up over 5% in China at the time of writing, and this spurred Pilbara Minerals (PLS) (+3.7%), Core Lithium (CXO) (12.5%), and Elevra Lithium (ELV) (+2.2%) to new 12-month highs.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on the S&P/ASX 200 in today's ChartWatch.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 1.9 points higher at 8,636.4, % from its session low and smack–bang on its session high. Despite the silver of a gain in the benchmark, it was a far better showing in the broader-based S&P/ASX 300 (XKO) as advancers beat decliners by 194 to 82.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

S&P/ASX 200 (XJO)

Analysis

The intraday chart of the XJO above shows a steady improvement from just after lunch, after a choppy opening to the session.

All we care about is that last bit – the bit that gives us the close smack-bang at the sessions high. Of course, also of interest is the dip to today’s low, which creates the customary downward pointing shadow that we associate with buy the dip activity.

Another way to say, “buy the dip activity”, is “latent demand”.

That’s the demand that’s lying in the system – eyeing suitable price and liquidity conditions under which they prefer to transact.

The more latent demand in the system, the stronger the trends, price action, and candles are going to be.

Today’s downward pointing shadow tells us there’s some latent demand in the system (i.e., sitting in the long term uptrend ribbon). Today’s volume tells us it’s not a wall of latent demand – but also, that there’s no wall of latent supply getting in its way, either.

Is it the emphatic demand-side signal in the long term trend ribbon we’ve been waiting for? After all, the long term uptrend ribbon is a zone we’d MOTN (More Often Than Not) associate with dynamic excess demand – and more importantly – a rally? 🤔

Nope. It’s modest at best, ho-hum at worst. 🥱

Which leaves us / the demand-side vulnerable to any resurgence in excess supply.

As mentioned many times here in ChartWatch: A quick bounce is a good bounce. The longer the XJO lingers in the long term trend ribbon without shooting back out of it with emphatic demand-side candles – the longer it is likely to remain here. Often, you will see a lower peak, and a lower peak again, set in the long term trend ribbon – until it neutralises – and then bang! 💥

You break through the bottom of it ⚠️

More must be done here to convince the demand-supply environment that there’s an urgency to demand (i.e. to stoke FOMO = Fear Of Missing Out), and that there’s little urgency to sell (i.e., to foster HOFU = Holding Out For Upside).

The sooner we close back above the dynamic supply of the short term trend ribbon (presently 8830-8855) the better. If that zone finds strong supply-side candles (i.e., long black-bodied and or long upward pointing shadows) – it’s a major warning of sell the rally activity / latent supply / ongoing short term supply-side control ⚠️⚠️⚠️.

View

I remain comfortable at 1/3RP 🪣. (i.e., my personal allowable capital allocation limit (Risk Position) for my investments in Australian stocks is 33%).

Key levels

The long term uptrend ribbon is the closest zone of demand (presently 8545-8695). If the XJO price closed below it, the long term uptrend is neutralised ⚠️. The short term uptrend ribbon is the closest zone of supply (presently 8830-8855). In the absence of other confirming demand-side control signals, the XJO must close back above this point to demonstrate the demand-side is moving back into control.

Economy

Today

• There weren't any major economic data releases in our time zone today

Later this week

Tuesday

• 11:30 AUS RBA November Monetary Policy Meeting Minutes

Wednesday

• 11:30 AUS September Wage Price Index (+0.8% q/q forecast vs +0.8% q/q in June)

Thursday

• 06:00 USA Federal Reserve November FOMC Meeting Minutes

• 12:00 CHN People's Bank of China Loan Prime Rate (LPR)

  • 1-year LPR: Forecast no change at 3% p.a.

  • 5-year LPR: Forecast no change at 3.5% p.a.

Friday

• 00:30 USA October Non-Farm Payrolls

• 02:00 USA October Existing Home Sales (4.11 million forecast vs 4.06 million in September)

• 09:00 AUS November Flash Manufacturing & Services Purchasing Managers Index (PMI)

  • Manufacturing: vs 49.7 in October

  • Services: vs 52.5 in October

Saturday

• 01:45 USA November Flash Manufacturing & Services Purchasing Managers Index (PMI)

  • Manufacturing: vs 52.5 in October

  • Services: vs 54.8 in October

Latest News

Interesting Movers

Trading higher

• +12.9% Elsight (ELS) – No news, general strength across the broader Defence sector today.

• +12.5% Core Lithium (CXO) – No news since 14-Nov 2025 AGM Presentation, general strength across the broader Lithium sector today.

• +11.8% Sunrise Energy Metals (SRL) – Successful A$46m Placement for Syerston Project, general strength across the broader Critical Minerals sector today.

• +11.6% Droneshield (DRO) – No news, general strength across the broader Defence sector today.

• +7.6% 4DMEDICAL (4DX) – No news.

• +7.6% Macmahon Holdings (MAH) – No news, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.5% Electro Optic Systems Holdings (EOS) –NEW SLINGER COUNTER-DRONE ORDER (A$20M) AND BACKLOG UPDATE, general strength across the broader Defence sector today.

• +6.4% Metallium (MTM) – No news, general strength across the broader Critical Minerals sector today.

• +6.3% Elders (ELD) – Elders FY25 Full Year Results Presentation.

• +5.9% Ioneer (INR) – No news, general strength across the broader Lithium sector today.

• +5.8% Arafura Rare Earths (ARU) – General strength across the broader Critical Minerals sector today.

• +5.7% DPM Metals (DPM) – No news since 14-Nov DPM Q3 2025 Financial and Operating Results.

• +5.7% Iluka Resources (ILU) – No news, general strength across the broader Critical Minerals sector today.

• +5.5% Lynas Rare Earths (LYC) – No news, general strength across the broader Critical Minerals sector today.

• +5.5% Novonix (NVX) – No news, general strength across the broader Lithium sector today.

• +5.4% Wagners Holding Company (WGN) – No news since 14-Nov FY26 YTD Trading Update, rise is consistent with prevailing short and long-term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +5.3% European Lithium (EUR) – No news, general strength across the broader Lithium sector today.

• +5.1% Domino’s Pizza Enterprises (DMP) – No news, rise is consistent with prevailing short-term uptrend and long-term trend transitioning from down to up, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -8.6% Silver Mines (SVL) – No news, general weakness across the broader Precious Metals sector today.

• -8.0% Kingsgate Consolidated (KCN) – No news, general weakness across the broader Precious Metals sector today.

• -7.9% GBM Resources (GBZ) – No news, general weakness across the broader Precious Metals sector today.

• -5.8% Alliance Aviation Services (AQZ) – Continued negative response to 07-Nov FY26 Earnings Guidance.

• -5.1% PYC Therapeutics (PYC) – No news since Sustained Vision Improvement in RP11 Patients.

• -5.0% Felix Gold (FXG) – No news, general weakness across the broader Precious Metals sector today.

• -4.8% Sun Silver (SS1) – No news, general weakness across the broader Precious Metals sector today.

• -4.0% Santana Minerals (SMI) – No news, general weakness across the broader Precious Metals sector today.

• -3.9% Mayfield Group Holdings (MYG) – Share Purchase Plan Offer Document.

• -3.6% Boab Metals (BML) – No news, general weakness across the broader Precious Metals sector today.

Broker Moves

Atlantic Lithium (A11)

• Retained at neutral at Macquarie; Price Target: $0.23

Acrow (ACF)

• Retained at buy at Morgans; Price Target: $1.29 from $1.32

• Retained at buy at Ord Minnett; Price Target: $1.25 from $1.30

• Retained at buy at Shaw and Partners; Price Target: $1.25 from $1.30

Aristocrat Leisure (ALL)

• Retained at overweight at Morgan Stanley; Price Target: $72.40

AMP (AMP)

• Retained at overweight at Morgan Stanley; Price Target: $2.10

ANZ Group Holdings (ANZ)

• Retained at neutral at Macquarie; Price Target: $35.00

• Retained at equal-weight at Morgan Stanley; Price Target: $36.00

• Retained at sell at UBS; Price Target: $30.00

Eagers Automotive (APE)

• Retained at overweight at Morgan Stanley; Price Target: $32.00

Aroa Biosurgery (ARX)

• Retained at buy at Bell Potter; Price Target: $0.85

AUB Group (AUB)

• Retained at neutral at UBS; Price Target: $35.50

BHP Group (BHP)

• Retained at overweight at Morgan Stanley; Price Target: $48.00

• Retained at sector perform at RBC Capital Markets; Price Target: $44.00

Boss Energy (BOE)

• Retained at underweight at Morgan Stanley; Price Target: $1.85

Bank of Queensland (BOQ)

• Retained at underperform at Macquarie; Price Target: $5.90

• Retained at sell at UBS; Price Target: $6.75

BlueScope Steel (BSL)

• Retained at equal-weight at Morgan Stanley; Price Target: $24.00

CAR Group (CAR)

• Retained at overweight at Morgan Stanley; Price Target: $43.00

Coles Group (COL)

• Retained at overweight at Morgan Stanley; Price Target: $26.60

CSL (CSL)

• Retained at buy at Citi; Price Target: $225.00

DPM Metals Inc. (DPM)

• Retained at outperform at Macquarie; Price Target: $49.00 from $47.00

Deterra Royalties (DRR)

• Retained at equal-weight at Morgan Stanley; Price Target: $4.40

Elevra Lithium (ELV)

• Retained at outperform at Macquarie; Price Target: $5.20

Global Lithium Resources (GL1)

• Retained at neutral at Macquarie; Price Target: $0.50

Gemlife Communities Group (GLF)

• Retained at overweight at Morgan Stanley; Price Target: $5.40

Goodman Group (GMG)

• Retained at overweight at Morgan Stanley; Price Target: $41.50

Graincorp (GNC)

• Retained at accumulate at Morgans; Price Target: $9.05 from $8.92

GPT Group (GPT)

• Retained at overweight at Morgan Stanley; Price Target: $6.00

Gentrack Group (GTK)

• Downgraded to equal-weight from overweight at Morgan Stanley; Price Target: $7.70 from $13.50

HUB24 (HUB)

• Retained at neutral at UBS; Price Target: $117.00

Insurance Australia Group (IAG)

• Retained at equal-weight at Morgan Stanley; Price Target: $8.80

IGO (IGO)

• Retained at outperform at Macquarie; Price Target: $5.75

• Retained at underweight at Morgan Stanley; Price Target: $4.50

Iluka Resources (ILU)

• Retained at overweight at Morgan Stanley; Price Target: $8.60

Integrated Research (IRI)

• Retained at buy at Bell Potter; Price Target: $0.40 from $0.55

Judo Capital Holdings (JDO)

• Retained at outperform at Macquarie; Price Target: $1.90

• Retained at buy at UBS; Price Target: $2.20

James Hardie Industries Plc (JHX)

• Retained at overweight at Morgan Stanley; Price Target: $40.00

Kingsgate Consolidated (KCN)

• Retained at buy at Canaccord Genuity; Price Target: $7.70 from $7.65

Liontown Resources (LTR)

• Retained at underperform at Macquarie; Price Target: $0.65

Lynas Rare Earths (LYC)

• Retained at equal-weight at Morgan Stanley; Price Target: $19.45

Magellan Financial Group (MFG)

• Retained at neutral at UBS; Price Target: $10.70

Macquarie Group (MQG)

• Retained at equal-weight at Morgan Stanley; Price Target: $216.00

• Retained at neutral at UBS; Price Target: $225.00

National Australia Bank (NAB)

• Retained at neutral at Macquarie; Price Target: $39.00

• Retained at equal-weight at Morgan Stanley; Price Target: $40.00

• Retained at neutral at UBS; Price Target: $42.50

Nufarm (NUF)

• Retained at sell at Citi; Price Target: $2.60 from $2.35

Netwealth Group (NWL)

• Retained at neutral at UBS; Price Target: $33.50

Paladin Energy (PDN)

• Retained at overweight at Morgan Stanley; Price Target: $10.40

Pilbara Minerals (PLS)

• Retained at neutral at Macquarie; Price Target: $3.00

• Retained at overweight at Morgan Stanley; Price Target: $2.85

PMET Resources Inc (PMT)

• Retained at outperform at Macquarie; Price Target: $0.45

QBE Insurance Group (QBE)

• Retained at overweight at Morgan Stanley; Price Target: $23.50

Qube Holdings (QUB)

• Retained at overweight at Morgan Stanley; Price Target: $4.50

ReadyTech Holdings (RDY)

• Upgraded to overweight from neutral at Jarden; Price Target: $2.60

REA Group (REA)

• Retained at overweight at Morgan Stanley; Price Target: $290.00

Ramsay Health Care (RHC)

• Retained at neutral at UBS; Price Target: $35.90

Rio Tinto (RIO)

• Retained at equal-weight at Morgan Stanley; Price Target: $129.50

South32 (S32)

• Retained at overweight at Morgan Stanley; Price Target: $3.45

Scentre Group (SCG)

• Retained at overweight at Morgan Stanley; Price Target: $4.60

SEEK (SEK)

• Retained at overweight at Morgan Stanley; Price Target: $32.50

Sandfire Resources (SFR)

• Retained at underweight at Morgan Stanley; Price Target: $11.45

• Retained at sell at UBS; Price Target: $15.55

Stockland (SGP)

• Retained at overweight at Morgan Stanley; Price Target: $6.90

Sigma Healthcare (SIG)

• Retained at overweight at Morgan Stanley; Price Target: $3.30

Superloop (SLC)

• Retained at buy at Citi; Price Target: $3.75

Santos (STO)

• Retained at buy at Citi; Price Target: $7.50

• Retained at equal-weight at Morgan Stanley; Price Target: $6.76

Suncorp Group (SUN)

• Retained at overweight at Morgan Stanley; Price Target: $25.00

Transurban Group (TCL)

• Retained at equal-weight at Morgan Stanley; Price Target: $13.93

The Lottery Corporation (TLC)

• Retained at equal-weight at Morgan Stanley; Price Target: $5.60

Telstra Group (TLS)

• Retained at overweight at Morgan Stanley; Price Target: $4.95

Tuas (TUA)

• Retained at overweight at Morgan Stanley; Price Target: $9.50

Virgin Australia Holdings (VGN)

• Retained at buy at Ord Minnett; Price Target: $4.00 from $4.10

• Retained at buy at UBS; Price Target: $4.20 from $4.10

Westpac Banking Corporation (WBC)

• Retained at neutral at Citi; Price Target: $38.50

• Retained at underperform at Macquarie; Price Target: $32.00

• Retained at underweight at Morgan Stanley; Price Target: $34.10

• Retained at neutral at UBS; Price Target: $40.00

Woodside Energy Group (WDS)

• Retained at neutral at Citi; Price Target: $25.50

Wesfarmers (WES)

• Retained at equal-weight at Morgan Stanley; Price Target: $92.60

Wagners Holding Company (WGN)

• Retained at buy at Carter Bar Securities; Price Target: $3.99 from $3.14

• Retained at accumulate at Morgans; Price Target: $3.75 from $3.10

• Retained at buy at Unified Capital Partners; Price Target: $4.15 from $3.23

Whitehaven Coal (WHC)

• Retained at overweight at Morgan Stanley; Price Target: $8.00

Xero (XRO)

• Retained at outperform at Macquarie; Price Target: $230.30 from $228.90

• Retained at buy at Ord Minnett; Price Target: $200.00

Scans