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Market Wrap

ASX closes flat; DroneShield partially rebounds in wake of CEO share selloff

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The news: The Australian sharemarket has ended flat as DroneShield recovered some of last week's losses after it was announced that its CEO, chair and another director had sold all their stock last week.

The benchmark ASX 200 rose 0.02% to end at 8,636.4 with seven out of the 11 sectors finishing in the red.

The tech sector (+1.2%) was the best performing as WiseTech Global (+1.2%), Technology One (+2.9%) and NextDC (+3.2%) finished higher. Xero (-0.1%) finished slightly lower.

Biggest movers:

  • DroneShield (+11.6%) – Led gains on the ASX 200 as it recovered from losses after the counter drone technology manufacturer announced on last week that its CEO, chair and another director sold all their stock for $66.8 million.
  • Elders (+6.3%) – Reported a 12% rise in full-year statutory profit after tax to $50.3 million, and posted an "optimistic" outlook for FY26, bolstered by the recent acquisition of Delta Agribusiness.
  • Pro Medicus (+4.2%) – Signed a $44 million deal with US radiology group Advanced Radiology Management for its Visage 7 enterprise imaging platform.
  • IperionX (-3%) – Responded to claims made against it in a short seller report by Spruce Point Capital and argued that it has no record of the investment manager attempting to contact the titanium producer and parts manufacturer before issuing the report.

Other news:

  • Ramsay Healthcare (+1.8%) – Appointed former Santos executive Anthony Neilson as its new chief financial officer, starting 24 November.
  • Rio Tinto (+0.6%) – Halted development of steel-making decarbonisation technology BioIron and committed $35 million to Calix so that it can build a demonstration plant for its zero emissions steel technology at a site in Kwinana previously reserved for BioIron.
  • TPG Telecom – Launched a $688 million reinvestment plan, offering minority shareholders the opportunity to reinvest all or part of their $1.61-per-share cash distribution following the $5.3 billion sale of key infrastructure and enterprise assets to Vocus Group. Entered a trading halt.

What’s ahead:

  • The Federal Reserve Bank of New York will release November manufacturing index data for the state on Tuesday at 12:30am AEDT.
  • The Australian Bureau of Statistics will release the first monthly time series full CPI for April 2024 to June 2025 on Tuesday at 11:30am AEDT.
  • Companies that are holding their annual general meeting on Tuesday include BlueScope Steel, Regis Healthcare and Northern Star Resources.

By Brandon How