General Market Overview
October flipped the switch back to optimism. After a shaky September, markets found their footing, led by falling yields, tech strength, and gold mania.
By mid-month, the ASX 200 was back above 9,000, touching fresh record highs.
The Fed whispering about rate cuts before Christmas has been fuel to the fire for tech and speculative growth stocks.
Wall Street followed suit as growth and tech stocks rediscovered their swagger.
Confidence is back in the room along with selective FOMO.
Source: TradingView
Macro Pulse
Australia’s GDP grew 0.6% in the second half, proving the economy still has legs.
Inflation slid to 2.1%, the lowest since early 2021, giving the RBA some breathing space.
Globally, rate-cut bets are climbing, and liquidity is loosening. That’s a cocktail markets love.
One sour note came from Platinum Asset Management (ASX:PTM).
A $580 million client withdrawal smashed confidence, wiping more than 10% off its share price.
Funds under management fell to $14.5 billion, down almost 40% in a year. It’s a sharp reminder that even the ‘safe’ corners of the market aren’t immune to investor fickleness.
AI & Technology Sector
Still the story of the decade.
The Australian tech sector cooled off a little in October after a strong September run.
Many investors took profits in big local names like WiseTech Global (ASX:WTC), Altium (ASX:ALU), and Xero (ASX:XRO), which had all rallied hard earlier in the year on AI and automation optimism.
Tech sentiment softened mainly because of higher bond yields and global risk-off moves, which tend to hit growth stocks first.
Investors rotated slightly into defensive names, while smaller, early-stage AI companies saw sharper pullbacks as funding conditions tightened.
Energy Sector
A tale of two markets.
Oil and gas prices softened as global demand steadied, but renewables and transition plays picked up the slack.
Investors are repositioning for 2026, the clean-tech rotation is gathering speed.
Traditional fossil-fuel segments remain under pressure as global demand growth moderates, while renewable and transition-related energy companies are gaining traction.
Gold and Silver
Gold prices in October reached record highs, peaking at near A$6,700/oz, before pulling back to find support at the $6,100 handle.
Silver has followed suit, breaking all-time highs from 2011 to find space above the $85 handle.
It has also participated in the pullback and now sits just under the important $75 level.
Both metals are benefiting from safe-haven demand, especially gold, as global economic and geopolitical uncertainties have intensified.
Falling real yields are helping precious metals gain appeal. Silver has an added industrial- demand angle which strengthens its structural demand case.
Standout stocks:
CSL (ASX:CSL)
CSL was up early in the month, before crashing on bad news etc.
CSL Behring and Seqirus are market leaders in global plasma and vaccines, but the business has underperformed in the wake of a perceived ‘anti-vaccine’ US administration.
On the 28th of October 2025, CSL shares crashed by 17% after management downgraded its FY26 guidance and flagged further earnings headwinds over the next three years.
It is highly suggested to investors to take a cautious tone, as margin loans lend up to 80% against CSL.
While we don’t expect CSL to disappear overnight, the stock being sold off effects the entire market, thus resulting in a few days or weeks of heaviness for November.
CSL is now down 36% year-to-date and trading at levels not seen since May 2019.
Lumos Diagnostics (ASX:LDX)
ASX: LDX had a standout month in September, and is continuing to thrive.
We’re carefully watching the cash position, with the most recent quarterly update showing US$7.8 million in available funding.
We expect the next big catalyst in the form of the CLIA waiver decision before the end of Q3 FY26.
LDX started off the month at $0.15 and is currently sitting at $0.26 as of the 27th of October 2025.
Source: TradingView
Our detailed investment report on Lumos Diagnostics (ASX:LDX) from the 1st September, 2025 can be found here, along with our other Explosive Growth stock picks and updates.
Evion (ASX:EVG)
From $0.02 to $0.038, Evion surged on the back of graphite and battery-material momentum.
Its Maniry Project in Madagascar gives it serious leverage to the EV supply chain.
Critical minerals, battery supply chain and graphite are getting more mainstream investor recognition which is helping EVG capture attention.
Source: TradingView
ASX-200 New additions:
Two companies which will be added to the ASX200 include Right Resources Limited (ASX:RRE) (29.10.2025), and Sentinel Metals Limited (ASX:SNM) (30.10.2025).
Outlook for November: The Calm Before the Cut?
November’s shaping up as a positioning month.
The RBA’s action on rate cuts remains an integral discussion for market participants. With cuts, not only equities but real assets are bound to experience a bullish cycle
It so happens that the next RBA Board meeting coincides with the Melbourne Cup
Three themes to watch:
1. Rate-Cut Fever. Every inflation print matters. If CPI comes in cooler, expect yield compression and another surge in tech.
2. Commodities Rotation. Gold and silver are hot but watch copper and graphite for the next breakout leg.
3. The Great Energy Transition. Keep an eye on mentions of big battery projects, EV demand hitting the mainstream, and big deals on the global stage.
If October was about recovery, November is about conviction. The market’s leaning long again, with central bank policy the key driver of sentiment.
Vitti’s Trading Month
As part of our continuous identification of opportunities for our clients, we participate in private placements (PP) and initial public offerings (IPOs). PPs are capital-raising offers whereby raising firms list new shares and/or options to a select few investors, more times than not, wholesale investors. We were exposed to several ASX PPs, delineated here:
Stock Name | Stock Code | Settlement Date | Issue Price | Price as at 28/10/25 Close | Position |
Curvebeam AI | CVB | 06-Oct-25 | $0.090 | $0.082 | 9% Underperform |
Tesoro Gold | TSO | 07-Oct-25 | $0.053 | $0.056 | 6% Outperform |
Tarrina Resources | TR8 | 23-Oct-25 | $0.020 | $0.020 | Neutral |
Stakk | SKK | 10-Oct-25 | $0.045 | $0.058 | 29% Outperform |
Flynn Gold | FG1 | 10-Oct-25 | $0.023 | $0.022 | 4% Underperform |
Eve Health | EVE | 16-Oct-25 | $0.030 | $0.026 | 13% Underperform |
1414 Degrees | 14D | 15-Oct-25 | $0.042 | $0.032 | 24% Underperform |
GBM Resources | GBZ | 15-Oct-25 | $0.053 | $0.040 | 25% Underperform |
Ionic Rare Earths | IXR | 16-Oct-25 | $0.016 | $0.016 | Neutral |
Kuniko | KNI | 10-Oct-25 | $0.070 | $0.066 | 6% Underperform |
Desoto Resources | DES | 17-Oct-25 | $0.160 | $0.170 | 6% Outperform |
Inoviq | IIQ | 16-Oct-25 | $0.350 | $0.340 | 3% Underperform |
Eclipse Metals | EPM | 21-Oct-25 | $0.030 | $ 0.023 | 23% Underperform |
ClearVue Technologies | CPV | 21-Oct-25 | $0.180 | $0.150 | 17% Underperform |
St George Mining | SGQ | 16-Oct-25 | $0.100 | $0.095 | 5% Underperform |
Altech Batteries | ATC | 17-Oct-25 | $0.045 | $0.036 | 20% Underperform |
Compumedics | CMP | 22-Oct-25 | $0.285 | $0.320 | 12% Underperform |
Kairos Minerals | KAI | 22-Oct-25 | $0.040 | $0.038 | 5% Underperform |
Jade Gas Holdings | JGH | 22-Oct-25 | $0.035 | $0.028 | 20% Underperform |
Hawk Resources | HWK | 22-Oct-25 | $0.020 | $0.040 | 100% Outperform |
Livium | LIT | 22-Oct-25 | $0.013 | $0.011 | 12% Underperform |
Andromeda Metals | ADN | 23-Oct-25 | $0.018 | $0.013 | 26% Underperform |
Orthocell | OCC | 23-Oct-25 | $1.300 | $1.120 | 14% Underperform |
Golden Deeps | GED | 24-Oct-25 | $0.080 | $0.047 | 41% Underperform |
Magmatic Resources | MAG | 24-Oct-25 | $0.061 | $ 0.057 | 7% Underperform |
Asian Battery Metals | AZ9 | 27-Oct-25 | $0.042 | $0.040 | 5% Underperform |
Australian Strategic Materials | ASM | 24-Oct-25 | $1.200 | $0.860 | 28% Underperform |
Gorilla Gold Mines | GG8 | 29-Oct-25 | $0.400 | $0.370 | 8% Underperform |
Alicanto Minerals | AQI | 28-Oct-25 | $0.040 | $0.040 | Neutral |
Evion Group | EVG | 28-Oct-25 | $0.021 | $0.036 | 71% Outperform |
Disclaimer
This information is of a general nature only and has been prepared without taking into account
your objectives, financial situation or needs. You should consider the appropriateness of the
information, having regard to your circumstances, before making any investment decisions.
This communication is not personal financial advice. Vitti Capital is a Corporate Authorised
Representative of Point Capital Group Pty Ltd (AFSL 518031).
If you have not previously received a copy of our Financial Services Guide (FSG), it is available
free of charge from our website (https://vitti.capital/fsg/) or by contacting us. “Vitti Capital and its
representatives may hold or have exposure to securities mentioned. Any such interest is
managed under our Conflicts of Interest Policy (https://vitti.capital/privacy-policy-2/).”
