ASX November Winners: ASX slides, Bitcoin plunges, but Mt Ridley soars again
The ASX 200 fell 2.66% in November 2025, with the tech sector down ~12% amid AI bubble fears and hotter-than-expected Aussie inflation data.
The ASX 200 fell 2.66% in November, with the tech sector dumping almost 12%
Concerns about an AI-fuelled market bubble weighed on global sentiment as Aussie inflation came in hotter-than-expected
Mount Ridley Mines continued its stellar run in November to again top the winners list, up 660%
The ASX 200 fell 2.66% in a volatile month, as global risk-off sentiment – driven by AI-bubble concerns and mixed US economic data – combined with hotter-than-expected Aussie inflation weighed on local markets.
Morgans' investment strategists Tom Sartor told Stockhead November saw US investors grappling with the aftermath of the record 43-day government shutdown which had trimmed US growth and dented confidence.
"Market expectations around the pace of further US rate cuts are swinging dramatically, affecting risk appetite and the fuel to further bid up asset prices," he said.
Sartor said weakening in the US labour market was the strongest argument for cuts, although accurate jobs data had been clouded by the shutdown.
"Conversely, stickier-than-expected inflation near 3% driven by demand-pull will also play into the Feds' thinking, which remains data-dependent overall," he said.
"The market’s month-to-month will-they-or-won’t approach to Fed rate cuts is likely to keep manifesting in bumpier pricing for stretched equity markets, but also for the USD, bonds and commodities – particularly gold – which have seen larger moves of late."
In Australia, inflation is also proving sticky, with October headline inflation jumping to 3.8%.
Trimmed mean inflation, which strips out the most volatile price moves and is the preferred measure of the Reserve Bank of Australia (RBA), rose to 3.3% – well above the central bank’s 2–3% target range.
It was the first release of the complete monthly Consumer Price Index (CPI) from the Australian Bureau of Statistics (ABS) and led to speculation the RBA may hike rather than cut rates in 2026.
"Further evidence of hotter than expected Australian inflation has skewed the market narrative toward rates on hold for the foreseeable future," Sartor said.
A late-month rebound helped pare some losses as global markets stabilised, but the Australian market still ended November in the red, with the ASX MidCap 50 the only index in positive territory, according to S&P Dow Jones Indices (S&P DJI).
"While large-cap ASX stalwarts remain in healthy shape to be able to weather bumpier markets, recent market events both locally and overseas do increase the importance of reviewing and re-balancing portfolios more actively," Sartor said.
Healthcare recovered, while tech fell heavily
Technology was the worst-performing sector for November with a ~12% loss, while financials also dropped almost 7%. Up for much of the year, the tech sector is now down more than 13%YTD.
In contrast, healthcare is starting to looking in better shape paring back some losses YTD with a 2% gain for November, while consumer staples posted a 1.64% gain as investors rotated into more defensive sectors.
Bitcoin slumps as crypto market faces harsh November
November proved to be a challenging month for Bitcoin and the broader cryptocurrency market. Bitcoin tumbled ~20%, shedding over US$18,000 and hitting its steepest monthly drop since mid-2021 as risk-off sentiment spread through to the crypto market.
By the latter half of November, Bitcoin dipped below US$86,000 – and at one point to just above $80,000 – down roughly 35% from a record high above $126,000 in early October with its sharp falls drawing comparisons to the 2022 crypto winter.
The broad decline affected altcoins big time, with overall market sentiment turning risk-off as investors shifted away from speculative digital assets.
Bitcoin has continued its bearish run into the start of the last month of 2025, too, falling ~7% on December 1 in its biggest daily fall since March.
Fixed income slips as rate-hike expectations rise
Fixed-income indices also largely slipped into negative territory in November. The RBA's decision to keep its official cash rate unchanged at its meeting early in the month and now even expected to raise rates following the latest hotter-than-expected inflation data put downward pressure on bond prices overall.
Morgans on navigating growth and risk in AI revolution
In a note to clients Morgans equity analyst Andrew Tang wrote the "AI revolution" was the most significant technological shift since the internet, fuelling strong growth while "carrying risks of investor over exuberance".
"Unlike the highly leveraged companies of the dot-com period, today's leading tech names boast strong balance sheets and robust profitability, largely self-funding capital expenditures," he wrote.
Tang noted AI investment momentum was accelerating, with the so-called Magnificent 7 expected to triple capex from 2023 levels to more than $500 billion by 2026, suggesting durability in the trend.
"Our constructive view rests on the potential for productivity gains comparable to those seen during the dot-com period," he wrote.
"For investors, capturing value across the entire AI ecosystem while managing risks of tech obsolescence will be critical."
The 50 best performing ASX stocks in October
| CODE | COMPANY | LAST SHARE PRICE | NOV RETURN % | MARKET CAP |
|---|---|---|---|---|
| MRD | Mount Ridley Mines | 0.038 | 660% | $42,536,574 |
| MRZ | Mont Royal Resources | 0.255 | 522% | $50,017,248 |
| TR8 | Tarrina Resources | 0.022 | 450% | $7,341,237 |
| DTI | DTI Group Ltd | 0.012 | 140% | $9,868,131 |
| FRX | Flexiroam Limited | 0.016 | 129% | $24,278,378 |
| TGN | Tungsten Min NL | 0.225 | 125% | $197,622,821 |
| TNC | True North Copper | 0.605 | 116% | $71,971,275 |
| LKE | Lake Resources | 0.072 | 112% | $134,066,279 |
| AMS | Atomos | 0.031 | 107% | $35,501,464 |
| CBL | Control Bionics | 0.068 | 100% | $24,039,234 |
| CXO | Core Lithium | 0.225 | 96% | $572,010,929 |
| HAV | Havilah Resources | 0.445 | 82% | $154,161,660 |
| ALV | Alvomin | 0.049 | 75% | $10,153,770 |
| IS3 | I Synergy Group Ltd | 0.021 | 75% | $34,713,302 |
| KEY | KEY Petroleum | 0.07 | 75% | $2,402,843 |
| ACW | Actinogen Medical | 0.06 | 71% | $194,056,095 |
| GLN | Galan Lithium Ltd | 0.265 | 71% | $275,704,501 |
| ATS | Australis Oil & Gas | 0.017 | 70% | $24,007,759 |
| GT1 | Green Technology | 0.045 | 67% | $21,976,614 |
| SAN | Sagalio Energy Ltd | 0.01 | 67% | $1,637,281 |
| WR1 | Winsome Resources | 0.34 | 62% | $73,190,535 |
| ONE | Oneview Healthcare | 0.305 | 61% | $234,005,117 |
| SGI | Stealth Group | 1.2 | 60% | $156,068,507 |
| ZNO | Zoono Group Ltd | 0.075 | 56% | $29,653,459 |
| CBE | Cobre | 0.15 | 56% | $63,425,052 |
| FML | Focus Minerals Ltd | 3.32 | 56% | $859,675,935 |
| DEV | Devex Resources Ltd | 0.17 | 55% | $70,670,507 |
| TDO | 3D Energi Ltd | 0.17 | 55% | $69,108,137 |
| HAL | Halo Technologies | 0.046 | 53% | $12,261,461 |
| M7T | Mach7 Tech Limited | 0.45 | 53% | $101,036,260 |
| CXL | Calix Limited | 0.67 | 52% | $131,186,812 |
| AGY | Argosy Minerals Ltd | 0.082 | 52% | $109,050,386 |
| COV | Cleo Diagnostics | 0.63 | 52% | $79,027,501 |
| FBM | Future Battery | 0.065 | 51% | $43,178,306 |
| 1AI | Algorae Pharma | 0.015 | 50% | $25,325,921 |
| ERL | Empire Resources | 0.009 | 50% | $13,355,219 |
| GW1 | Greenwing Resources | 0.045 | 50% | $13,977,421 |
| HCD | Hydrocarbon Dynamics | 0.003 | 50% | $4,312,439 |
| SFG | Seafarms Group Ltd | 0.003 | 50% | $14,509,798 |
| ZAG | Zuleika Gold Ltd | 0.045 | 50% | $35,568,957 |
| NXD | Nexted Group Limited | 0.32 | 49% | $70,074,813 |
| SRL | Sunrise | 6.62 | 48% | $817,273,406 |
| HVY | Heavy Minerals | 0.555 | 48% | $37,986,194 |
| N1H | N1 Holdings Ltd | 0.17 | 48% | $14,969,447 |
| EXR | Elixir Energy Ltd | 0.063 | 47% | $80,348,462 |
| BVR | Bella Vista Resources | 0.52 | 46% | $52,939,929 |
| NVA | Nova Minerals Ltd | 1.185 | 45% | $461,804,363 |
| CQT | Conneqt Health Ltd | 0.049 | 44% | $22,236,089 |
| ELV | Elevra Lithium Ltd | 5.78 | 44% | $924,536,946 |
| QFE | Quickfee Limited | 0.062 | 44% | $24,711,337 |
After rising 967% to be the top performer in October, Mount Ridley Mines (ASX:MRD) continued its stellar run in November to again top the winners list, up 660%.
The company had a series of positive announcements in November including that it had defined seven new high-priority rare earth element and gallium target zones at its namesake project near Esperance in southern WA.
Mont Royal Resources (ASX:MRZ) was up 522% in November after re-listing on the ASX following a merger with Canada’s Commerce Resources that grants it the Ashram rare earths and fluorspar deposit in Québec.
Ashram is one of North America’s largest monazite-dominant, carbonatite-hosted REE deposits and boasts a Tier-1 resource of 73.2Mt at 1.89% TREO and 6.6% fluorspar in the indicated category and 131.1Mt inferred at 1.91% TREO and 4% CaF2.
Tarrina Resources (ASX:TR8) rose 450% in November after also re-listing on the ASX following a $5 million raise at 2 cents a share and with funds in place advancing its flagship Christmas Gift gold project, a historically significant high-grade gold systems in NSW.
The first diamond-drilling phase at Christmas Gift will start in January 2026 with five holes for 1,500m, alongside expanded mid-January soil sampling, with results due from February and RC drilling to follow once assays are received.
The 50 worst performing ASX stocks in October
| CODE | COMPANY | LAST SHARE PRICE | NOV RETURN % | MARKET CAP |
|---|---|---|---|---|
| AFA | ASF Group Limited | 0.04 | -89% | $31,695,901 |
| AR1 | Austral Resources | 0.045 | -72% | $74,747,580 |
| MELDA | Metgasco Ltd | 0.035 | -65% | $1,837,087 |
| GLA | Gladiator Resources | 0.013 | -64% | $9,766,229 |
| GEN | Genmin | 0.009 | -61% | $10,192,290 |
| PIM | Pinnacle Minerals | 0.079 | -54% | $9,121,610 |
| I88 | Infini Resources Ltd | 0.235 | -52% | $19,678,467 |
| MIO | Macarthur Minerals | 0.03 | -51% | $11,142,255 |
| LSR | Lodestar Minerals | 0.02 | -51% | $21,292,300 |
| BEZ | Besra Gold Inc | 0.036 | -51% | $15,789,151 |
| CMG | Critical Mineral Group | 0.1 | -50% | $10,180,014 |
| PGY | Pilot Energy Ltd | 0.003 | -50% | $8,634,640 |
| RBRDA | RBR Group Ltd | 0.03 | -50% | $3,441,285 |
| EZZ | EZZ Life Science | 1.7 | -49% | $87,742,152 |
| IVG | Invert Graphite Ltd | 0.026 | -47% | $8,905,458 |
| AQZ | Alliance Aviation | 1.39 | -45% | $218,191,689 |
| LRM | Lion Rock Minerals | 0.024 | -45% | $76,597,929 |
| SKK | Stakk Limited | 0.037 | -44% | $88,788,884 |
| MPW | Metal Powdworks Ltd | 1.88 | -43% | $212,034,231 |
| L1M | Lightning Minerals | 0.031 | -42% | $6,374,506 |
| SNX | Sierra Nevada Gold | 0.026 | -42% | $13,148,460 |
| OLY | Olympio Metals Ltd | 0.05 | -41% | $6,237,172 |
| WYX | Western Yilgarn NL | 0.04 | -41% | $6,135,705 |
| VEE | Veem Ltd | 0.86 | -40% | $168,607,063 |
| ALM | Alma Metals Ltd | 0.006 | -40% | $11,203,252 |
| BOC | Bougainville Copper | 0.6 | -40% | $232,616,250 |
| TR2 | Tali Resources Ltd | 0.395 | -40% | $13,314,275 |
| ECS | ECS Botanics Holding | 0.0055 | -39% | $7,980,248 |
| PBL | Parabellum Resources | 0.07 | -39% | $4,547,900 |
| MYX | Mayne Pharma Ltd | 3.71 | -39% | $299,797,102 |
| AKN | Auking Mining Ltd | 0.005 | -38% | $4,100,155 |
| 14D | 1414 Degrees Limited | 0.023 | -38% | $8,185,364 |
| FMR | FMR Resources Ltd | 0.26 | -38% | $12,277,442 |
| VHM | VHM Ltd | 0.355 | -37% | $96,716,424 |
| AVLDA | Aust Vanadium Ltd | 0.205 | -37% | $72,531,128 |
| LRD | Lord Resources | 0.018 | -36% | $3,186,036 |
| AUV | Auravelle Metals | 0.016 | -36% | $9,960,229 |
| BMH | Baumart Holdings Ltd | 0.007 | -36% | $1,140,826 |
| CNJ | Conico Ltd | 0.007 | -36% | $1,632,874 |
| EDE | Eden Innovation | 0.042 | -36% | $20,426,249 |
| IFG | Infocus Group | 0.007 | -36% | $3,624,021 |
| TEM | Tempest Minerals | 0.007 | -36% | $7,713,134 |
| JNS | Janus Electric Holding | 0.11 | -35% | $9,925,934 |
| FUN | Fortuna Metals Ltd | 0.1 | -35% | $28,295,773 |
| BMM | Bayan Mining and Minerals | 0.093 | -34% | $12,294,235 |
| HMG | Hamelin Gold | 0.063 | -34% | $12,493,125 |
| OCT | Octava Minerals | 0.037 | -34% | $4,329,363 |
| NVX | Novonix Limited | 0.465 | -34% | $378,024,734 |
| BCM | Brazilian Critical | 0.023 | -34% | $45,950,380 |
| DM1 | Desert Metals | 0.008 | -33% | $3,667,569 |
While Mount Ridley Mines is a Stockhead advertiser, the company did not sponsor this article.
This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.
Originally published as ASX November Winners: ASX slides, Bitcoin plunges, but Mt Ridley soars again
