Evening Wrap: ASX 200 slides on weaker healthcare, technology, as resources powers ahead on surging silver, copper stocks

The S&P/ASX 200 closed 48.9 points lower, down 0.57%.

Silver and other precious metals stocks were in high demand today as their respective commodity prices rose on Friday night and in Asian trade today. Rising copper prices also supported local explorers, developers, and producers.

This meant that generally, Resources stocks led, while Information Technology, Healthcare, and Financials stocks lagged behind.

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 48.9 points lower at 8,565.2, 0.69% from its session high and just 0.02% from its low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by a disappointing 78 to 198.

Fund flows: Uncanny, isn't it? 🤔

Do I really need to tell you? No doubt you know the drill by now:

• Resources (XJR) (+0.4%) = ✅ (add in Energy (XEJ) (+0.5%) today!)

• High P/E Ratio sectors like Information Technology (XIJ) (-1.3%), Communication Services (XTJ) (-1.1%), Health Care (XHJ) (-1.7%), and increasingly now Financials (XFJ) (-0.9%) = ❌

The problem for the ASX 200 a.k.a. the Old Tin Pot is, the stuff going down has a substantially greater weighting than the stuff going up... 📉

Hey, at least it's something that we've identified (credit where credit is due – a long time ago now) and that we can manage our risk around. 🧐

Stock Specific: Silver second no more!!! 🏆

I've given plenty of airplay to silver and ASX silver stocks in ChartWatch over the last few days, so I won't harp on about this move – but clearly it's the biggest thematic on the ASX for this new 15-minutes of its fame!

Catch today's ChartWatch Markets for the latest on the silver price, and ChartWatch ASX Scans for the ASX silver stocks presently showing strong uptrends (I suspect that after I do my scan tonight – there'll be a few more in tomorrow's edition, along with Global X Metal Securities (ETPMAG) which is an Uptrends Scan List regular!).

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

S&P/ASX 200 (XJO)

Analysis

Today’s candle is 100% consistent with what we’d expect to see in the long term trend ribbon when its neutralised, has been previously breached, and is now acting as a zone of dynamic supply.

It’s also what we’d expect to see in the shadow of what is now a well-established short term downtrend, that after the formation of another lower peak at 8650 – is also acting as a zone of dynamic supply.

So, as far as the technicals for the ASX 200 a.k.a. the Old Tin Pot is concerned:

(Consistent with demand-side control = ✅ vs Consistent with supply-side control = ❌)

• Short and long term trend ribbons: ⬇️/↔️, short term expanding / getting stronger vs long term contracting / getting weaker, the price is below the short term downtrend ribbon and being held by the long term trend ribbon, and both ribbons are acting as zones of dynamic excess supply = ❌❌

• Price action: Falling peaks and falling troughs (i.e., demand removal and supply reinforcement) = ❌

• Candles: Despite the bounce from 8383 – arguably still supply-side control oriented (i.e., black-bodied candles and or upward pointing shadows) = ❌

❌❌❌❌ = Supply-side control of short and long term Bitcoin price.

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%). There is no change to my view because there is insufficient evidence in the technicals that the demand-side is in control of the ASX 200’s price = I believe that the MOTN (More Often Than Not) still lies with lower and not higher prices in the near future.

Key levels

8383 is the closest point of demand. A close below this price would confirm the new long term downtrend (i.e., that the bull market in ASX stocks is over! 🤯). The short and long term trend ribbons are the closest zone of supply (presently 8543-8715). In the absence of other confirming demand-side control signals, the ASX 200 must close back above this zone to demonstrate the demand-side is back in control.

Economy

Today

• CHN November Purchasing Managers Index (PMI)

  • Manufacturing: 49.2 vs 49.2 forecast and 49.0 in October

  • Non-Manufacturing: 49.5 vs 50.0 forecast and 50.1 in October

  • Note: Readings >50 indicate growth in a sector, so Manufacturing was up from October, in-line with forecast, but still showing contraction in the sector. Non-Manufacturing slipped into contraction versus growth in October, and was below forecast = ⚠️

• ALL DAY OPEC Meetings

Later this week

Tuesday

• 02:00 USA November ISM Manufacturing PMI (49.0 forecast vs 48.7 in October)

• 21:00 EUR November Flash Core Consumer Price Index (CPI) (+2.4% p.a. forecast vs +2.4% p.a. in October)

Wednesday

• 09:00 AUS Reserve Bank of Australia Governor Michelle Bullock speaks

• 11:30 AUS September Quarter Gross Domestic Product (GDP) (+0.7% q/q forecast vs +0.6% q/q in June)

Thursday

• 02:00 USA November ISM Services PMI (52.0 forecast vs 52.4 in October)

• 11:30 AUS November Household Spending (+0.6% m/m forecast vs +0.2% m/m in October)

Friday

• No major economic data releases scheduled for Friday.

Saturday

• 02:00 USA November Core PCE Price Index (+0.2% m/m forecast vs +0.2% m/m in October)

  • Personal Income: (+0.3% m/m forecast vs +0.4% m/m in October)

  • Personal Spending: (+0.3% m/m forecast vs +0.6% m/m in October)

• 02:00 USA November Prelim UoM Consumer Sentiment (52.0 forecast vs 51.0 in October)

• 02:00 USA November Prelim UoM Inflation Expectations

Latest News

Interesting Movers

Trading higher

• +22.1% Minerals 260 (MI6) – Bullabulling Gold Project Mineral Resource Doubles to 4.5Moz, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +16.9% Unico Silver (USL) – No news, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +15.9% Sun Silver (SS1) – No news, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +12.6% Andean Silver (ASL) – No news, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +10.2% Greatland Resources (GGP) – Havieron Project Feasibility Study - Presentation, general strength across the broader Precious Metals sector today.

• +8.3% Lake Resources (LKE) – No news, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.5% Silver Mines (SVL) – No news, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +6.1% DPM Metals (DPM) – No news, general strength across the broader Precious Metals sector today.

• +5.6% Brainchip Holdings (BRN) – No news.

• +4.9% Tuas (TUA) – No news.

• +4.7% Chalice Mining (CHN) – No news, general strength across the broader Critical Minerals sector today.

• +4.3% Capstone Copper Corp. (CSC) – No news, general strength across the broader Copper sector today.

• +4.3% West African Resources (WAF) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +4.0% Firefly Metals (FFM) – No news, general strength across the broader Copper sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +3.9% Predictive Discovery (PDI) – No news, general strength across the broader Precious Metals sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +3.8% Turaco Gold (TCG) – Drilling at Woulo Woulo & Herman Shows Higher Grade Growth, general strength across the broader Precious Metals sector today, rise is consistent with prevailing long term uptrend 🔎📈

• +3.1% Domino's Pizza Enterprises (DMP) – No news, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +3.1% Global X Copper Miners ETF (WIRE) – No news, general strength across the broader Copper sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• –17.8% AUB Group (AUB) – Cessation of discussions with EQT and CVC.

• –12.5% Meteoric Resources (MEI) – Preliminary Environmental Licence Update and Reinstatement to Official Quotation.

• –9.2% Metcash (MTS) – FY26 Half Year Results Presentation.

• –8.6% European Lithium (EUR) – Options Prospectus.

• –8.2% Digico Infrastructure Reit (DGT) – No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• 7.8% Cettire (CTT) – No news.

• –7.7% Australian Ethical Investment (AEF) – No news, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• –7.3% Temple & Webster Group (TPW) – Continued negative response to 26-Nov 2025 AGM Presentation, fall is consistent with prevailing short term downtrend and long term trend is transitioning from up to down, a recent regular in ChartWatch ASX Scans Downtrends list 🔎📉

• –7.2% Energy One (EOL) – Director Sale of Shares Intention - Ian Ferrier.

• –7.0% Aeris Resources (AIS) – Director Resignation.

• –7.0% HMC Capital (HMC) – No news, fall is consistent with prevailing long term downtrend 🔎📉

• –6.1% Vaneck Bitcoin ETF (VBTC) – No news (Bitcoin ETF, heavy falls in Bitcoin today – see ChartWatch Markets).

Broker Moves

AGL Energy (AGL)

• Retained at buy at Ord Minnett; Price Target: $13.00 from $12.00

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

• Retained at neutral at UBS; Price Target: $1.95

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

APA Group (APA)

• Retained at sector perform at RBC Capital Markets; Price Target: $9.00

ASX (ASX)

• Retained at sell at UBS; Price Target: $62.15

AUB Group (AUB)

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

AusGold (AUC)

• Initiated at speculative buy at Bell Potter; Price Target: $1.60

Bendigo and Adelaide Bank (BEN)

• Retained at neutral at UBS; Price Target: $13.00

BHP Group (BHP)

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

Bank of Queensland (BOQ)

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

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

Beach Energy (BPT)

• Initiated at hold at CLSA; Price Target: $1.15

BlueScope Steel (BSL)

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

• Retained at buy at Ord Minnett; Price Target: $27.50 from $27.00

Commonwealth Bank of Australia (CBA)

• Retained at underperform at Macquarie; Price Target: $106.00

• Retained at underweight at Morgan Stanley; Price Target: $143.20

• Retained at sell at UBS; Price Target: $125.00

Challenger (CGF)

• Retained at buy at UBS; Price Target: $11.00

Coles Group (COL)

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

Computershare (CPU)

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

CSL (CSL)

• Retained at overweight at Morgan Stanley; Price Target: $256.00

Corporate Travel Management (CTD)

• Retained at neutral at UBS; Price Target: $16.70

Downer EDI (DOW)

• Retained at accumulate at Ord Minnett; Price Target: $8.45 from $7.90

Goodman Group (GMG)

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

GQG Partners Inc. (GQG)

• Retained at buy at UBS; Price Target: $2.15

HUB24 (HUB)

• Retained at buy at Bell Potter; Price Target: $125.00 from $135.00

ikeGPS Group (IKE)

• Retained at buy at Bell Potter; Price Target: $1.17 from $1.14

Judo Capital Holdings (JDO)

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

L1 Group (L1G)

• Retained at neutral at UBS; Price Target: $0.79

Magellan Financial Group (MFG)

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

Monadelphous Group (MND)

• Retained at buy at Citi; Price Target: $28.75

Medibank Private (MPL)

• Retained at neutral at Citi; Price Target: $5.05

• Retained at neutral at Macquarie; Price Target: $4.75

• Retained at neutral at UBS; Price Target: $5.25

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

Navigator Global Investments (NGI)

• Retained at buy at UBS; Price Target: $3.85

NIB Holdings (NHF)

• Retained at buy at Citi; Price Target: $8.90

• Retained at neutral at UBS; Price Target: $8.60

NRW Holdings (NWH)

• Retained at buy at Citi; Price Target: $5.50

Netwealth Group (NWL)

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

Pilbara Minerals (PLS)

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

Pinnacle Investment Management Group (PNI)

• Retained at neutral at UBS; Price Target: $23.00

Perpetual (PPT)

• Retained at neutral at UBS; Price Target: $22.40

PEXA Group (PXA)

• Retained at buy at UBS; Price Target: $17.45

QBE Insurance Group (QBE)

• Upgraded to buy from hold at Bell Potter; Price Target: $21.80 from $21.20

REA Group (REA)

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

Steadfast Group (SDF)

• Retained at buy at UBS; Price Target: $6.80

Sigma Healthcare (SIG)

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

Strickland Metals (STK)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.60

Treasury Wine Estates (TWE)

• Retained at outperform at RBC Capital Markets; Price Target: $9.80

Veem (VEE)

• Upgraded to speculative buy from accumulate at Morgans; Price Target: $1.10 from $1.66

Westpac Banking Corporation (WBC)

• 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 equal-weight at Morgan Stanley; Price Target: $27.00

Xero (XRO)

• Retained at overweight at Morgan Stanley; Price Target: $225.00

Scans