Evening Wrap: ASX 200 tanks 136 points, wiping yesterday's gains - down 2.6% for the week

The S&P/ASX 200 closed 136.2 points lower, down 1.59%.

Today’s session ended on a thud: the ASX 200, down 136 points, is now far off the 9,115 record high set in October. Broad selling left 164 stocks down (just 32 up), and nearly every sector was in the red - miners and materials led the slump (off ~4%), and energy also lagged (down ~3%). Defensive consumer staples were the only gainer (up just +0.04%).

At the stock level, Mayne Pharma plunged ~25% after its takeover bid was blocked and DroneShield slid ~12%, while fund manager GQG Partners jumped ~5% and sports-tech player Catapult Sports ~4%. Overall, it was a broad sell-off that left the ASX nursing its fourth straight weekly loss – roughly 7.6% below that October peak

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.

Let's dive in!

Markets

The S&P/ASX 200 closed 136.2 points lower, down 1.59%.

• The ASX 200 fell 1.6% as a sharp global risk-off move washed through local markets.

• Losses were broad-based, with every major sector except consumer staples closing in the red. Selling heaviest across big banks, miners and energy names.

• Stock-specific stories included a blocked takeover for Mayne Pharma, DroneShield’s ongoing rout, and a flurry of AGM and trading updates.

• Pockets of resilience include WiseTech, up roughly 4% after reaffirming guidance at its AGM despite a heavy protest vote on executive pay.

Economic Summary

• Wall Street’s “wildest session since the post-Liberation Day sell-off” saw the S&P 500 and Nasdaq reverse hard, leaving them on track for their worst week since April.

• US September non-farm payrolls rose by about 119,000, unemployment ticked up to 4.4% and futures now price less than a 40% chance of a third Fed cut this year, fuelling volatility.

• Rising VIX and elevated bond-market volatility, alongside stretched AI/tech valuations and wider credit spreads, have driven a defensive global rotation into utilities and staples.

• Japan’s new government approved a roughly ¥21.3 trillion (US$135 billion) stimulus package; concerns over fiscal strain have pushed the yen to 10-month lows and super-long yields to record highs.

• Locally, the Australian dollar is hovering near US64.5c, while gold and oil are softer and iron ore was little changed around US$104 a tonne.

• Bitcoin slipped below US$90,000, adding another risk-asset wobble to a day dominated by nerves across global equity markets.

ASX 200 Session Chart

Economy

Today

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

  • Manufacturing: ACTUAL vs 49.7 in October

  • Services: ACTUAL 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

• +22.09% Star Entertainment Group (SGR) - NSW Independent Casino Commission issues Bally's approval

• +9.49% Aft Pharmaceuticals Ltd (AFP) – reported recently, strong sales growth

• +9.30% Tivan Ltd (TVN) – Results of AGM

• +6.06% WIA Gold Ltd (WIA) – Results of AGM

• +5.39% Ryman Healthcare Ltd (RYM)

• +5.18% GQG Partners Inc (GQG) – Week-long rally

• +4.40% Catapult Sports Ltd (CAT) – Consolidation bounce; (20.9%) last 3 days

• +4.26% Gentrack Group Ltd (GTK)

• +4.23% Charter Hall Group (CHC)

• +4.03% Cuscal Ltd (CCL)

• +4.00% Beetaloo Energy Australia Ltd (BTL)

Trading lower

• -23.14% Mayne Pharma Group Ltd (MYX) – FIRB blocks Cosette takeover

• -16.22% European Lithium Ltd (EUR) -15.42% Accent Group Ltd (AX1) – Trading update

• -13.79% Lovisa Holdings Ltd (LOV) – Trading update

• -13.73% Core Lithium Ltd (CXO)

• -13.51% Meteoric Resources NL (MEI)

• -13.16% Ioneer Ltd (INR)

• -11.83% Elevra Lithium Ltd (ELV)

• -11.59% Nova Minerals Ltd (NVA)

• -11.59% Vulcan Energy Resources Ltd (VUL)

• -11.55% Iluka Resources Ltd (ILU)

Broker Moves

The a2 Milk Company (A2M)

• Retained at neutral at Bell Potter; Price Target: $9.70 from $9.60

• Retained at outperform at Macquarie; Price Target: $9.50 from $8.70

• Retained at overweight at Morgan Stanley; Price Target: $10.00

• Retained at neutral at UBS; Price Target: $11.10 from $10.55

Australian Agricultural Company (AAC)

• Retained at buy at Bell Potter; Price Target: $1.95 from $1.90

Amplitude Energy (AEL)

• Retained at sell at Ord Minnett; Price Target: $2.39

Auckland International Airport (AIA)

• Initiated at neutral at Citi; Price Target: $7.13

Ampol (ALD)

• Upgraded to outperform from neutral at Macquarie; Price Target: $36.00 from $32.00

Aspen Group (APZ)

• Retained at buy at Bell Potter; Price Target: $5.95 from $4.85

Accent Group (AX1)

• Retained at buy at Citi; Price Target: $1.83

• Retained at outperform at RBC Capital Markets; Price Target: $1.50

Beach Energy (BPT)

• Retained at hold at Ord Minnett; Price Target: $1.15 from $1.20

Bubs Australia (BUB)

• Retained at accumulate at Ord Minnett; Price Target: $0.18

• Retained at buy at Shaw and Partners; Price Target: $0.20

Cuscal (CCL)

• Retained at buy at Ord Minnett; Price Target: $4.80 from $4.78

Charter Hall Group (CHC)

• Upgraded to outperform from hold at CLSA; Price Target: $25.94 from $3.67

• Upgraded to neutral from underperform at Macquarie; Price Target: $23.83 from $19.01

• Retained at overweight at Morgan Stanley; Price Target: $26.35

• Retained at sell at UBS; Price Target: $19.93 from $18.91

Kogan.com (KGN)

• Retained at outperform at RBC Capital Markets; Price Target: $5.50

Lovisa Holdings (LOV)

• Retained at underperform at RBC Capital Markets; Price Target: $26.00

Netwealth Group (NWL)

• Initiated at hold at Ord Minnett; Price Target: $29.00

Origin Energy (ORG)

• Retained at hold at Ord Minnett; Price Target: $11.00

Paragon Care (PGC)

• Retained at buy at Ord Minnett; Price Target: $0.50

PMET Resources Inc (PMT)

• Retained at buy at Shaw and Partners; Price Target: $1.20

Praemium (PPS)

• Initiated at buy at Ord Minnett; Price Target: $1.15

QBE Insurance Group (QBE)

• Retained at hold at Bell Potter; Price Target: $21.20

Reece (REH)

• Initiated at neutral at Citi; Price Target: $13.10

• Upgraded to hold from trim at Morgans; Price Target: $11.25 from $11.10

Rio Tinto (RIO)

• Retained at accumulate at Ord Minnett; Price Target: $136.00

Stockland (SGP)

• Retained at neutral at Macquarie; Price Target: $6.16

Sonic Healthcare (SHL)

• Retained at neutral at Citi; Price Target: $23.50 from $24.00

• Retained at outperform at CLSA; Price Target: $28.00

• Retained at neutral at Macquarie; Price Target: $25.20

• Retained at equal-weight at Morgan Stanley; Price Target: $24.50 from $23.80

• Retained at sector perform at RBC Capital Markets; Price Target: $27.00 from $28.00

SKS Technologies Group (SKS)

• Upgraded to buy from accumulate at Morgans; Price Target: $4.25 from $3.80

Santos (STO)

• Retained at accumulate at Ord Minnett; Price Target: $8.00 from $8.10

Tasmea (TEA)

• Retained at buy at Morgans; Price Target: $5.40 from $5.00

Telix Pharmaceuticals (TLX)

• Retained at overweight at Morgan Stanley; Price Target: $25.40

Viva Energy Group (VEA)

• Upgraded to outperform from neutral at Macquarie; Price Target: $3.20 from $2.00

Woodside Energy Group (WDS)

• Retained at hold at Ord Minnett; Price Target: $25.00

Webjet Group (WJL)

• Retained at hold at Morgans; Price Target: $0.90

• Retained at outperform at RBC Capital Markets; Price Target: $1.10

Worley (WOR)

• Retained at outperform at Macquarie; Price Target: $15.75 from $16.00

Scans