Firstly, from James, Shawn & the MM Team, we wish you a happy and safe festive season. Many thanks for being a wonderful group of members, and your ongoing support throughout the year. It's been a year of two halves for the ASX and MM in many ways, but we’re finishing on the right foot across all portfolios. In todays note, we’ll run through portfolio performance, in a lighter style Christmas Eve report. A reminder, if you are considering investment options in 2026, all Market Matters Portfolios are now open for investment, via Market Matters Invest Direct, including the International Equities Portfolio which has had a stellar year, up over 25%. We will continue to work hard in 2026, building on a solid 2025.
The ASX 200 surged to a 5-week high on Monday, closing up +0.9% as the traditional lack of selling during the festive season was met with fairly aggressive buying across the miners, who spent much of the day jockeying for position on the leaderboard. Interestingly, even as gold and silver surged to new all-time highs and copper flirted with its equivalent milestone, it was the uranium names that won this particular race:
With a few trading days remaining, 2025 is shaping up to be one of the most polarised on the performance front in decades - the materials sector is up +28%, while tech is down -21% and healthcare is off -24%. The ASX200 is up ~6% (10% inclusive of dividends) camouflaging the volatile activity on both the stock and sector levels.
The ASX 200 finally found some Christmas cheer on Thursday, reversing early losses to close marginally higher, not yet the Santa Rally that we’ve been hoping for, but better than another down day. Less than 55% of the main board closed higher, but a +1.1% advance by BHP was enough to add 8 points to the index, dragging it back into positive territory. It was an extremely quiet day as traders started to focus on the Christmas break, although two stocks still managed to move by over 15%.
The ASX200 closed down another -0.2% on Wednesday, but this time it bounced well off its lows to close near its intra-day high, helped by a strong rally by the miners throughout the day. At the end of the session, the materials sector was the only one of the eleven to advance, but its +1.6% rise was enough to offset much of the broad-based losses spearheaded by the healthcare and energy stocks.
The ASX 200 dropped 0.4% on Tuesday, reversing early gains as the tech and energy sectors led the decline, falling by 2.5% and 2.2%, respectively. However, it was the miners that dragged the index lower, with the materials sector contributing more than 40% of the drop as profit taking rolled across the space. The selling was triggered on two fronts as global investors adopted an “if in doubt, get out” approach ahead of key US jobs data, and of course, Christmas.
The ASX 200 opened weaker on Monday and failed to bounce, ultimately closing down -0.7%, with over 60% of the main board closing lower on the day. It was a rare day for FY26, with the miners leading the market to its worst session in three weeks, with BHP’s 2.9% decline contributing a whopping 35% of the day's decline.
Over the past three months, Australian financial markets have had to adjust to a sudden reversal in expectations for the RBA cash rate, shifting from the anticipation of cuts to projected hikes in 2026. A complete 180, which has caused significant volatility at the stock and sector levels as investors have had to alter their positioning.
The ASX 200 surrendered most of its early Fed-fuelled gains on Thursday, closing up only 0.2%. The miners led Australia's market higher, helping the bourse snap a three-session losing streak after a US interest rate cut sparked a rally in raw materials. Still, with winners and losers evenly matched, it wasn’t a broad-based affair.
The ASX200 closed marginally lower on Wednesday, with the story remaining very much the same at the sector level ahead of the Fed: the materials sector was the best performer, advancing +1.3%, while tech again carried the wooden spoon, retreating +1.5%. This time it was the lithium and gold stocks that dominated the winners' enclosure, with the big iron ore miners adding some useful support. Miners found support from firmer commodity prices, stronger-than-expected China inflation data, and renewed optimism that a Fed easing cycle will ultimately underpin demand.
The ASX 200 surged to a 5-week high on Monday, closing up +0.9% as the traditional lack of selling during the festive season was met with fairly aggressive buying across the miners, who spent much of the day jockeying for position on the leaderboard. Interestingly, even as gold and silver surged to new all-time highs and copper flirted with its equivalent milestone, it was the uranium names that won this particular race:
With a few trading days remaining, 2025 is shaping up to be one of the most polarised on the performance front in decades - the materials sector is up +28%, while tech is down -21% and healthcare is off -24%. The ASX200 is up ~6% (10% inclusive of dividends) camouflaging the volatile activity on both the stock and sector levels.
The ASX 200 finally found some Christmas cheer on Thursday, reversing early losses to close marginally higher, not yet the Santa Rally that we’ve been hoping for, but better than another down day. Less than 55% of the main board closed higher, but a +1.1% advance by BHP was enough to add 8 points to the index, dragging it back into positive territory. It was an extremely quiet day as traders started to focus on the Christmas break, although two stocks still managed to move by over 15%.
The ASX200 closed down another -0.2% on Wednesday, but this time it bounced well off its lows to close near its intra-day high, helped by a strong rally by the miners throughout the day. At the end of the session, the materials sector was the only one of the eleven to advance, but its +1.6% rise was enough to offset much of the broad-based losses spearheaded by the healthcare and energy stocks.
The ASX 200 dropped 0.4% on Tuesday, reversing early gains as the tech and energy sectors led the decline, falling by 2.5% and 2.2%, respectively. However, it was the miners that dragged the index lower, with the materials sector contributing more than 40% of the drop as profit taking rolled across the space. The selling was triggered on two fronts as global investors adopted an “if in doubt, get out” approach ahead of key US jobs data, and of course, Christmas.
The ASX 200 opened weaker on Monday and failed to bounce, ultimately closing down -0.7%, with over 60% of the main board closing lower on the day. It was a rare day for FY26, with the miners leading the market to its worst session in three weeks, with BHP’s 2.9% decline contributing a whopping 35% of the day's decline.
Over the past three months, Australian financial markets have had to adjust to a sudden reversal in expectations for the RBA cash rate, shifting from the anticipation of cuts to projected hikes in 2026. A complete 180, which has caused significant volatility at the stock and sector levels as investors have had to alter their positioning.
The ASX 200 surrendered most of its early Fed-fuelled gains on Thursday, closing up only 0.2%. The miners led Australia's market higher, helping the bourse snap a three-session losing streak after a US interest rate cut sparked a rally in raw materials. Still, with winners and losers evenly matched, it wasn’t a broad-based affair.
The ASX200 closed marginally lower on Wednesday, with the story remaining very much the same at the sector level ahead of the Fed: the materials sector was the best performer, advancing +1.3%, while tech again carried the wooden spoon, retreating +1.5%. This time it was the lithium and gold stocks that dominated the winners' enclosure, with the big iron ore miners adding some useful support. Miners found support from firmer commodity prices, stronger-than-expected China inflation data, and renewed optimism that a Fed easing cycle will ultimately underpin demand.
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