After spending the entire session in red territory, the ASX 200 ended up closing down a nasty 1.18%. That leaves the index at 8,843.6 points at this mid-week point.

Today's unhappy performance from the Australian markets follows a similarly negative night up on Wall Street.

The Dow Jones Industrial Average Index (DJX: .DJI) closed down 0.59% after initially rising during morning trading.

In a rare coincidence, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) also finished up with a 0.59% loss.

But let's return to the local markets now and dive a little deeper into how today's pessimism filtered down into the various ASX sectors.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Trump's declaration that the war with Iran would go on for another "two to three weeks" was enough to start the selling. By the time the markets closed up for the Easter break, the ASX 200 had slumped by a nasty 1.06%. That fall leaves the index at 8,579.5 points as we head into the long weekend.

This volatile session for Australian investors follows a far more optimistic morning up on the American markets (let's see what happens tomorrow over there).

The Dow Jones Industrial Average Index (DJX: .DJI) had a comfortable time of it, rising by 0.48%.

Meanwhile, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) was even more enthusiastic, gaining 1.16%.

But let's return to the local markets now and check out how the various ASX sectors dealt with today's whipsawing trading conditions.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

This jubilant hump day session for ASX shares comes after an even more euphoric morning on the American markets.

The Dow Jones Industrial Average Index (DJX: .DJI) was off to the races, gaining 2.49%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) put the turbocharger on though, exploding 3.83% higher.

Let's get back to the local markets now and see how today's gains filtered down into the different ASX sectors.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Rebalances occur every quarter to ensure market indices rank companies correctly in order of market capitalisation.

With Predictive Discovery shares up 137% over the past 12 months, it's not surprising to see the miner ascend into the ASX 200.

Today, the Predictive Discovery share price is 78 cents, down 7.5%.

What's the big deal about the ASX 200?

There are several benefits to getting into the ASX 200, the main one being the potential for additional passive investor demand from exchange-traded funds (ETFs).

Many ETFs and managed funds track the performance of the ASX 200, so they have to adjust their holdings at every rebalance.

Like all ASX gold shares, Predictive Discovery has benefitted from the soaring gold price.

On Thursday, the gold price is US$5,164 per ounce, up 73% over the past 12 months and up 20% in the year to date (YTD).

Predictive Discovery is not yet a gold producer in its own right.

The ASX mineral explorer is currently developing the potential Tier-1 Bankan Gold Project in Guinea, West Africa.

Bankan has a mineral resource estimate of 5.5Moz.

Predictive Discovery completed the Definitive Feasibility Study (DFS) in June last year.

The study gave an ore reserve estimate of 2.95Moz.

It also estimated average production of about 250Koz per annum over a more than 12-year mine life.

The Guinea Government has approved the environmental Impact assessment, and the exploitation permit application is in the final stages.

Merger with Robex Resources

Meanwhile, Predictive Discovery is expecting to finalise its merger with Robex Resources CDI (ASX: RBR) this month.

The deal means Predictive will gain access to cash flow from Robex's gold-producing mines, Kiniero in Guinea and Nampala in Mali.

At the BMO Global Metals, Mining & Critical Minerals Conference last month, Predictive Discovery gave a presentation explaining that the merger would result in three mines with a 9.5Moz resource estimate and targeted production of more than 400koz per annum by 2029.

Robex shareholders will receive 7.862 Predictive Discovery shares per Robex Resources share under the deal.

Should you buy this ASX gold share?

Ord Minnett recommends buying Predictive Discovery shares.

The broker upgraded the ASX gold share from a hold to a buy rating in the last week of January.

Ord Minnett also lifted its price target from 74 cents to $1.15 at the time.

On the CBA trading platform, three analysts are rating Predictive Discovery shares.

Two analysts give the ASX gold share a strong buy rating and the other gives it a moderate buy rating.

The post This ASX gold share is about to enter the ASX 200. Should you buy? appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Catapult Sports Ltd (ASX: CAT)

The Catapult Sports share price is down 11% to $3.53. Investors have been selling this sports technology company's shares after it was kicked out of the ASX 200 index at the quarterly rebalance. Also leaving the benchmark index are DigiCo Infrastructure REIT (ASX: DGT) and EBOS Group Ltd (ASX: EBO). They will be replaced by gold miner Predictive Discovery Ltd (ASX: PDI), engineering services company SRG Global Ltd (ASX: SRG), and lithium developer Vulcan Energy Resources Ltd (ASX: VUL).

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down 4% to $165.50. This banking giant and the rest of the big four banks have been caught up in the market selloff on Monday. It is possible that investors are concerned that the spike in oil prices could cause inflation to jump. This could force the Reserve Bank of Australia to increase interest rates higher than expected, which would put pressure on mortgage holders.

Dyno Nobel Ltd (ASX: DNL)

The Dyno Nobel share price is down over 11% to $3.00. This morning, this explosives company announced a binding agreement for the sale of Phosphate Hill to a subsidiary of Mayfair Australia Corporation for just a single dollar. However, up to $100 million will be payable to Dyno Nobel subject to certain conditions and meeting certain performance hurdles. Dyno Nobel's CEO, Mauro Neves, said: "The sale of Phosphate Hill to Mayfair is an important milestone that concludes our separation from the Fertilisers business. This transaction delivers the certainty that we have been working towards and allows us to fully focus on our future as a global explosives leader."

Qantas Airways Ltd (ASX: QAN)

The Qantas Airways share price is down 5.8% to $8.40. Investors have been selling the airline operator's shares on Monday in response to surging oil prices. Given that fuel is the company's largest operating expense, a significant rise could have a major impact on its profits in the near term. So much so, if things remain the same way, it is quite likely that analysts will start downgrading their earnings estimates for Qantas.

The post Why Catapult Sports, CBA, Dyno Nobel, and Qantas shares are sinking today appeared first on The Motley Fool Australia.

As we approach the end of the first quarter, the index provider has just revealed the changes that it will be making to the ASX 200 index effective prior to the open of trading on Monday 23 March.

This has seen three ASX 200 shares dumped from the benchmark index.

Which ASX 200 shares are being dumped?

According to the release, sports technology company Catapult Sports Ltd (ASX: CAT), data centre operator DigiCo Infrastructure REIT (ASX: DGT), and pharmacy wholesaler EBOS Group Ltd (ASX: EBO) are leaving the ASX 200 index later this month.

They are being kicked out after their share prices dropped to a level that took them below the threshold required to remain in the index.

Catapult shares are down almost 40% over the past six months, giving the company a market capitalisation of $1.23 billion.

DigiCo Infrastructure REIT shares are down 50% since this time last year, dragging its market capitalisation to $1.12 billion.

Finally, New Zealand-based EBOS' shares are down almost 44% over the past 12 months. However, its exit could be more due to relative liquidity (tradability), rather than market capitalisation.

Which shares are joining the index?

S&P Dow Jones Indices has named gold miner Predictive Discovery Ltd (ASX: PDI), engineering and construction services provider SRG Global Ltd (ASX: SRG), and lithium developer Vulcan Energy Resources Ltd (ASX: VUL) as their replacements.

Predictive Discovery shares are up 185% over the past 12 months, lifting its market capitalisation to $2.41 billion.

SRG Global's shares have risen by 120%, giving it a market capitalisation of $1.7 billion.

Finally, Vulcan Energy Resources shares are only up 11% since this time last year but have a market capitalisation of $1.73 billion and a much stronger balance sheet than a year ago.

What other changes are being made?

Northern Star Resources Ltd (ASX: NST) shares are joining the exclusive ASX 20 index in place of Santos Ltd (ASX: STO).

Light & Wonder Inc (ASX: LNW) and PLS Group Ltd (ASX: PLS) are joining the ASX 50 index, with TechnologyOne Ltd (ASX: TNE) and Seek Ltd (ASX: SEK) heading out.

Lastly, gold miners Greatland Resources Ltd (ASX: GGP), Regis Resources Ltd (ASX: RRL), and Westgold Resources Ltd (ASX: WGX) are being added to the ASX 100 index. They are replacing Lendlease Group (ASX: LLC), Netwealth Group Ltd (ASX: NWL), and Pinnacle Investment Management Group Ltd (ASX: PNI).

The post 3 shares dumped from the ASX 200 index (and 3 new additions) appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Monday? Here are five things to watch:

ASX 200 expected to sink

The Australian share market looks set for a disappointing start to the week following declines on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 156 points or 1.75% lower. In the United States, the Dow Jones was down 0.95%, the S&P 500 dropped 1.3%, and the Nasdaq tumbled 1.6%.

Oil prices surge

It could be a very positive start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices surged on Friday night. According to Bloomberg, the WTI crude oil price was up 12.2% to US$90.90 a barrel and the Brent crude oil price was up 8.5% to US$92.69 a barrel. This meant that oil futures rallied 35% for the week, which is the biggest gain in futures trading history.

ASX 200 shares going ex-div

A couple of ASX 200 shares are going ex-dividend this morning and could trade lower. These are entertainment giant Nine Entertainment Co Holdings Ltd (ASX: NEC) and private hospital operator Ramsay Health Care Ltd (ASX: RHC). The latter will be paying its shareholders a fully franked 42.5 cents per share interim dividend later this month on 26 March.

Gold price rises

ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday night. According to CNBC, the gold futures price was up 1.6% to US$5,158.7 an ounce. The precious metal rose after US economic data wasn't supportive of rate hikes.

ASX 200 rebalance

S&P Dow Jones Indices has announced changes in the S&P/ASX Indices, effective prior to the open of trade on March 23 following its quarterly review. Catapult Sports Ltd (ASX: CAT), DigiCo Infrastructure REIT (ASX: DGT), and EBOS Group Ltd (ASX: EBO) shares are being dumped from the index. Replacing them will be Predictive Discovery Ltd (ASX: PDI), SRG Global Ltd (ASX: SRG), and Vulcan Energy Resources Ltd (ASX: VUL).

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

Resolute Mining Ltd (ASX: RSG)

With a 279.75% annual increase over the past 12 months, at the time of writing, Resolute Mining shares are the fifth strongest performers on the ASX 200 Index. Its gains far outpace the index, which has risen 9.94% over the same period.

In early morning trade on Thursday, the ASX 200 mining stock is down 1.64% and changing hands at $1.50 a piece. Despite today's drop, the shares are still 22.45% higher for the year to date.

The gold producers' shares have shot higher over the past year on the back of record-high gold prices and a significant increase in the company's gold production figures. 

And analysts are bullish that it'll continue over the next year, too. They have a consensus buy rating on the ASX 200 mining stock with a maximum target price of $2.47. That implies the shares could jump another 64.23% in the next 12 months.

Predictive Discovery Ltd (ASX: PDI)

Predictive Discovery is another strong performer over the past 12 months. Its shares have stormed 185.82% higher, making it the eighth strongest annual performer on the ASX 200 Index.

At the time of writing on Thursday morning, the shares are down 1.8% at $0.9575 per share. For the year to date, they're 30.27% higher.

The company is another gold miner that has enjoyed reaping the benefits of the surging gold price. Its production numbers are expected to increase this year as well, with the miner actively developing gold deposits in Guinea's Siguiri Basin.

Analysts have a consensus buy rating on the ASX 200 mining stock. The maximum target price is $1.70 per share, which implies a potential 78.57% upside at the time of writing.

Genesis Minerals Ltd (ASX: GMD)

Genesis is another ASX 200 gold mining company to storm higher over the past year. Its shares are now 135.17% higher over the past 12 months.

At the time of writing, the stock is trading 1.52% lower at $7.455 a piece. However, it's still 1.99% higher for the year to date.

The company recently posted a strong half-year FY26 result and also announced it has signed an agreement to acquire Magnetic Resources NL (ASX: MAU) for $639 million. 

Analysts are mostly bullish on the stock, with 10 out of 13 holding a buy or strong buy rating. The maximum target price is $13, which implies a potential 75.56% upside at the time of writing. 

The post 3 ASX 200 mining stocks tipped to jump over 60% in the next 12 months appeared first on The Motley Fool Australia.

The ASX All Ords outperformed the benchmark S&P/ASX 200 Index (ASX: XJO), which rose 6.8% and returned 10.32%.

As always, there were outliers.

These 2 ASX All Ords shares more than tripled in value last year.

Can their amazing ascension continue?

We defer to the experts.

Will these 2 ASX All Ords shares streak even higher?

Predictive Discovery Ltd (ASX: PDI)

This ASX All Ords gold mining share soared 220% last year to close at 74 cents apiece on 31 December.

Yesterday, the Predictive Discovery share price closed at 82 cents, up 0.6%.

Predictive Discovery is developing gold deposits within Guinea's Siguiri Basin.

The company's flagship asset is the Bankan Gold Project, which has a mineral resource estimate of 5.53Moz.

The explorer completed the Definitive Feasibility Study (DFS) in June.

The Guinea Government has approved the environmental Impact assessment, and the exploitation permit application is in the final stages.

Predictive Discovery is also in the process of acquiring Robex Resources CDI (ASX: RBR).

The company announced final court approval last week.

So far in the new year, Ord Minnett is the only broker to issue a new note on Predictive Discovery shares.

The broker downgraded its rating to a hold but lifted its 12-month price target from 50 cents per share to 74 cents per share.

The increased target price is still 10% below where the ASX All Ords share is trading today.

This means Ord Minnett considers the gold explorer overvalued by the market for now.

DroneShield Ltd (ASX: DRO)

This ASX All Ords industrial share leapt 300% to close at $3.08 apiece on 31 December.

Droneshield is benefitting from a huge increase in global defence spending amid greater geopolitical turmoil.

On Tuesday, the Droneshield share price closed at $4.74, up 4.2%.

Last week, Droneshield announced it had been selected for Australia's Project LAND 156 C-sUAS Services Standing Offer Panel.

This will allow the defence department to procure DroneShield's counterdrone services through selective and limited tender.

Droneshield CEO, Oleg Vornik, said:

We welcome the opportunity to support Defence through this Panel arrangement and stand ready to deliver battle-proven, software-defined C-sUAS solutions.

TradingView data shows two analysts have a consensus strong buy rating on Droneshield shares.

While their maximum target is $5, implying a potential 5.5% upside in 2026, their minimum target is $4.40, which suggests a possible fall.

After such strong growth in 2025, it's worth noting that there is a large short position on Droneshield shares today.

The post These 2 ASX All Ords shares tripled in value last year. Can they keep going? appeared first on The Motley Fool Australia.

The ASX 300 slightly outperformed the S&P/ASX 200 Index (ASX: XJO), which lifted 6.8% and gave a total return of 10.32%.

Here are four ASX 300 shares that outperformed the market average by a mile.

In fact, they more than doubled in value.

Let's take a look.

4 ASX 300 shares that more than doubled in value last year

Electro Optic Systems Holdings (ASX: EOS)

The Electro Optic Systems share price leapt by an astounding 632% to finish 2025 at $9.44 per share.

This ASX 300 industrial share is benefiting from the global defence spending megatrend.

Electro Optic Systems produces advanced weapon systems, counter-drone solutions, and space domain awareness programs.

Predictive Discovery Ltd (ASX: PDI)

This ASX 300 gold share skyrocketed 220% to close the year at 74 cents apiece.

Predictive Discovery is developing gold deposits within the Siguiri Basin in Guinea.

Its key asset is the Tier-1 Bankan Gold Project. Bankan has a mineral resource estimate of 5.53Moz.

Predictive Discovery completed the Definitive Feasibility Study (DFS) in June last year.

The Guinea Government has approved the environmental Impact assessment, and the exploitation permit application is in the final stages.

Kingsgate Consolidated Ltd (ASX: KCN)

Fellow gold explorer Kingsgate joined the ASX 300 in the September quarter rebalance.

The Kingsgate share price flew 340% to finish at $5.63 per share on 31 December.

Kingsgate is an Australian gold and silver producer and the owner and operator of the Chatree Gold Mine in central Thailand.

The ASX 300 miner also owns and operates the Nueva Esperanza Gold-Silver Project in the Maricunga Belt in northern Chile.

Liontown Ltd (ASX: LTR)

The Liontown share price roared 197% higher to close at $1.58 per share in 2025.

The ASX 300 lithium share surged on the back of rising lithium prices, which began rebounding midway through 2025.

The lithium carbonate price is at a two-year high, up 105% over the past 12 months.

Renewed global demand and low supply are powering this turn of events.

Lithium prices experienced dramatic price falls in 2023, followed by 18 months of stagnation in 2024 and the first half of 2025.

There is a greater demand for lithium now to power batteries and new infrastructure as part of the green energy transition.

EV manufacturing is also back on the rise, with EVs outselling traditional cars in China for the first time last October.

China is also trying to stabilise lithium prices by implementing policy measures to avoid overproduction.

The post 4 ASX 300 shares that ripped 100% or more in 2025 appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Electro Optic Systems Holdings Ltd (ASX: EOS)

The EOS share price is down 7% to $10.24. This appears to have been driven by profit taking from some investors following strong gains by the defence and space company's shares. In fact, despite today's pullback, EOS shares are up 60% over the past month. The announcement of major new contract wins has been behind this. On a 12-month basis, the company's shares are up a staggering 750%.

Humm Group Ltd (ASX: HUM)

The Humm share price is down 2% to 72.5 cents. This morning, the financial services company's board strongly recommended that shareholders vote against resolutions proposed at an extraordinary general meeting to remove three current directors. It named a number of reasons why. One is: "Replacing the current Board would jeopardise the strategy delivering measurable results, including a ~118% total shareholder return, since mid-2022." Another reason is: "The Convenors' ill-conceived and simplistic 'plan' threatens Humm's capital strength, lender relationships and growth prospects. In contrast, your Board's disciplined approach prioritises sustainable value creation."

Pantoro Gold Ltd (ASX: PNR)

The Pantoro Gold share price is down 2% to $5.27. This appears to have been driven by the release of drilling results from the gold miner's 100%-owned Norseman Gold Project this morning. Pantoro Gold's managing director, Paul Cmrlec, said: "These high-grade results from Daisy South support the development of an additional open pit to be mined at the same time as the Gladstone Everlasting Open Pit, located just 900 metres to the west. Mining the pits simultaneously is expected to improve fleet efficiency and extend the open pit life of the Gladstone Everlasting Mining Centre."

Robex Resources (ASX: RXR)

The Robex Resources share price is down 3% to $6.69. This is despite the gold miner announcing that Superior Court of Quebec has approved its merger with Predictive Discovery Ltd (ASX: PDI). Closing of the transaction remains subject to the satisfaction of the remaining closing conditions. This includes the receipt of the consents of the Governments of Guinea and Mali. But if all goes to plan, the transaction is expected to complete later in the first quarter of 2026.

The post Why EOS, Humm, Pantoro Gold, and Robex shares are dropping today appeared first on The Motley Fool Australia.

The S&P 500 Index (SP: INX) soared 16.39% and delivered total returns, including dividends, of 17.88%, according to S&P Global.

The S&P 500 reached a record 6,945.77 points in December before closing the year at 6,845.5 points.

The Nasdaq Composite Index (NASDAQ: .IXIC) did even better, rising 20.36% with total returns of 21.33%.

The Nasdaq Composite hit its peak in October at 24,019.99 points before closing at 23,241.99 points on 31 December.

The Dow Jones Industrial Average Index (DJX: .DJI), which tracks the performance of 30 selected S&P 500 stocks, rose 12.97% and delivered total returns of 14.92%.

The Dow Jones Index closed 2025 at 48,063.29 points, and hit a new record overnight at 49,209.95 points.

By comparison, S&P/ASX 200 Index (ASX: XJO) shares rose 6.8% and produced total returns of 10.32% in 2025.

The ASX 200 rose to a record 9,115.2 points in October before finishing the year at 8,714.3 points.

The S&P/ASX All Ords Index (ASX: XAO), which tracks the top 500 companies, rose by 7.11% and gave a total return of 10.56%.

The ASX All Ords closed 2025 at 9,018.8 points after hitting a record in October at 9,414.6 points.

Top 5 US stocks and ASX shares of 2025

According to Yahoo Finance, the top five US stocks for growth last year were:

1. Flash memory designer and manufacturer Sandisk Corp (NASDAQ: SNDK), up 548%

2. Data storage company and hardware manufacturer, Western Digital Corp (NASDAQ: WDC), up 335%

3. Computer data storage company, Micron Technology Inc (NASDAQ: MU), up 222%

4. Global data storage solutions company, Seagate Technology Holdings PLC (NASDAQ: STX), up 220%

5. US stocks trading platform provider, Robinhood Markets, Inc. (NASDAQ: HOOD), up 183%

The top five ASX All Ords shares for growth were:

1. Anti-drone technology company DroneShield Ltd (ASX: DRO), up 300%

2. Gold miner Pantoro Gold Ltd (ASX: PNR), up 220%

3. Gold explorer Predictive Discovery Ltd (ASX: PDI), up 220%

4. Gold miner Resolute Mining Ltd (ASX: RSG), up 206%

5. Lithium miner Core Lithium Ltd (ASX: CXO), up 206%

Check out the best performing ASX 200 shares here.

What's next for US stocks in 2026?

In its 2026 investment outlook, Morgan Stanley projected that S&P 500 shares will rise to 7,800 points by the end of the new year.

That would represent an annual gain of 13%.

The broker expects US earnings and cash flow growth due to a market-friendly policy mix, interest rate cuts, corporate tax cuts from the 'One Big Beautiful Act', positive operating leverage, and the re-emergence of pricing power and AI-driven efficiency gains.

Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist, said:

There will be some bumps along the way, but we believe that the bull market is intact.

Another broker, UBS, predicts the S&P 500 will lift to 7,300 points by June and 7,700 points by Christmas.

UBS said US stocks will be driven by about 10% earnings growth and lower interest rates.

In an article, the broker said: 

In addition to the transformative force of AI, we believe the structural trends of electrification and longevity will also drive equity performance for the long term.

Tactically, we believe AI beneficiaries are broadening out both within and beyond tech, and we see opportunities in companies facilitating grid modernization and supply critical raw materials.

In the longevity field, we expect strong growth in the obesity, oncology, and medical device markets.

Check out which US stocks are most popular with Aussie investors and why.

The post US stocks vs. ASX shares in 2025 appeared first on The Motley Fool Australia.

S&P/ASX All Ords Index (ASX: XAO) shares delivered total returns (capital growth plus dividends) of 10.56% last year.

The ASX All Ords tracks the performance of the market's top 500 companies by market capitalisation.

The S&P/ASX Small Ords Index (ASX: XSO), which tracks companies ranked 101 to 300 by market cap, delivered a total return of 24.96%.

Small-cap shares typically have market caps between a few hundred million dollars and $2 billion.

So, why was it such a great year for the smaller players?

ASX small-cap shares make a comeback

Blackwattle Investment Partners portfolio managers, Robert Hawkesford and Daniel Broeren, who run the fund manager's Small Cap Quality Fund, said ASX small-cap shares outperformed largely due to the rising value of junior gold explorers.

In a recent update, Hawkesford and Broeren said geopolitical instability prompted investors to buy precious and critical metals shares.

Additionally, interest rate cuts worldwide encouraged investors to buy companies in earlier stages of growth because "smaller cap companies offer the greatest range of opportunities".

Lower interest rates reduce smaller companies' debt servicing costs and boost their earnings potential.

Perpetual portfolio managers Alex Patten and James Rutledge, co-portfolio managers of the Perpetual Smaller Companies Fund, said the economic landscape "decisively" turned in favour of ASX small-cap shares in 2025.

They point out that during the August earnings season, the ASX Small Ords Index lifted 8.5% while the S&P/ASX 100 rose by 2%.

Patten said:

You're starting to see some decent outperformance from small caps and micro caps.

This is the first time that's happened in a number of years.

Over the past few years, when rates were going up quite quickly, that's not typically a great environment for small caps.

But now that rates are starting to come down, we're seeing more interest in small and micro caps and bit more liquidity in the market.

Exposure to Aussie economy

Patten and Rutledge also point out that ASX small-cap shares are more influenced by the domestic economy while large-caps are globally exposed.

Many ASX small-cap shares are domestic cyclicals, with retailers and residential building companies reporting an uptick in demand last year.

Smaller companies also benefitted from moderating wage growth.

ETF provider Global X reported strong inflows into its ASX small-cap shares ETFs in November.

This reflected investors' desire to diversify away from large-caps with stretched valuations, such as the ASX bank shares.

Global X said:

Whether investors are aiming for the top 300 Australian companies rather than just the top 200, or focusing exclusively on smaller companies, small-caps could be making a comeback.

The impact of rising small-caps last year can be seen in the annual returns of Australia's key indices.

Total returns of key ASX indices

5 best ASX small-cap shares for price growth in 2025

These were the five best-performing ASX small-cap shares for capital growth in 2025.

1. Anti-drone technology company DroneShield Ltd (ASX: DRO), up 300%

2. Gold miner Pantoro Gold Ltd (ASX: PNR), up 220%

3. Gold explorer Predictive Discovery Ltd (ASX: PDI), up 220%

4. Gold producer Resolute Mining Ltd (ASX: RSG), up 206%

5. Gold explorer Southern Cross Gold Consolidated CDI (ASX: SX2), up 204%

The post Why 2025 was the year of the ASX small-cap shares appeared first on The Motley Fool Australia.

The ASX All Ords slightly outperformed the benchmark S&P/ASX 200 Index (ASX: XJO).

The ASX 200 increased by 6.8% and provided total returns of 10.32%, according to S&P Global data.

These were the five best-performing ASX All Ords shares in terms of capital growth in 2025.

5 best ASX All Ords shares for price growth

1. DroneShield Ltd (ASX: DRO)

ASX 200 defence share Droneshield leapt 300% to close at $3.08 on 31 December.

Droneshield is benefiting from the rising global defence spending investment theme.

However, investor sentiment soured in November when CEO Oleg Vornik sold more than $49 million worth of shares.

In response, DroneShield announced a mandatory minimum shareholding policy for all directors and senior managers. 

Analysts at investment platform Stake commented:

DroneShield spent 2025 swinging between euphoria and fear.

After rallying to fresh highs mid-year on the back of booming global demand for counter-drone technology, the stock unwound much of those gains as short interest climbed and investors questioned valuation froth.

2. Pantoro Gold Ltd (ASX: PNR)

The Pantoro share price rose 220% to close at $4.89 on 31 December.

That closing price actually represents a retreat from the miner's 52-week high of $6.61 recorded in October.

Like all ASX gold shares, Pantoro benefited from the astounding 65% gold price rally last year.

It was the yellow metal's strongest year of gains in more than four decades.

The gold price hit a record high of US$4,533 per ounce in December.

A combination of tailwinds, including interest rate cuts, geopolitical tensions, and strong central bank buying, is behind the surge.

3. Predictive Discovery Ltd (ASX: PDI)

This fellow ASX All Ords gold mining share also soared in 2025.

The Predictive Discovery share price also ripped 220% to close the year at 74 cents per share.

Predictive Discovery is developing gold deposits within the Siguiri Basin in Guinea.

Its key asset is the Tier-1 Bankan Gold Project, which has a mineral resource estimate of 5.53Moz.

The Definitive Feasibility Study (DFS) was completed in June.

The Guinea Government has approved the environmental Impact assessment, and the exploitation permit application is in the final stages.

4. Resolute Mining Ltd (ASX: RSG)

Resolute Mining is another ASX All Ords gold share.

The Resolute Mining share price soared 206% to finish the year at $1.23.

Resolute is an African-focused gold miner and is currently in a growth phase.

It's developing its Doropo project in Cote d'Ivoire to supplement existing production from Syama in Mali and Mako in Senegal.

5. Core Lithium Ltd (ASX: CXO)

This ASX All Ords lithium share leapt 206% higher to close out 2025 at 28 cents per share.

Core Lithium shares have benefited from rising lithium prices due to improving demand for batteries, EVs, and new infrastructure.

Analysts at Trading Economics say the lithium carbonate price is now at a 19-month high.

Core Lithium's flagship Finniss Project remains in care and maintenance.

However, the miner released a restart plan last year and will be ready to roll once it finds new financial partners and lithium prices are sufficiently stronger.

Core Lithium also raised its ore reserve estimate for the Grants deposit by 33% to 1.53Mt at 1.42% Li2O last year.

Finniss was put into care and maintenance in early 2024 due to weak lithium prices.

The post These 5 ASX All Ords shares were the fastest risers of 2025 appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is down 3% to $3.93. This is despite there being no news out of the medical technology company on Wednesday. However, it is worth noting that its shares have been on fire this year, so there's potential for some profit-taking going on today. For example, since the start of the year, 4DMedical shares have risen by an astonishing 700%+. This has been driven by regulatory approval milestones and major contract winds for its exciting technology.

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is down 1.5% to $21.58. This Mexican food focused quick service restaurant operator's shares have come under significant pressure this year. So much so, they are now down by approximately 46% year to date. This has been driven by valuation concerns and its disappointing performance in the United States market. Investors appear to believe that its expansion in the massive market could be a flop.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is down 1.5% to $12.40. This could also be due to profit-taking from some investors. After all, even after today's weakness, this rare earths producer's shares are up almost 90% since the start of the year. Supply concerns have given rare earths stocks a major boost in 2025.

Predictive Discovery Ltd (ASX: PDI)

The Predictive Discovery share price is down 3% to 74.2 cents. This is despite news that Robex Resources (ASX: RXR) shareholders have approved the proposed merger with Predictive Discovery. The gold miner's CEO and managing director, Andrew Pardey, was very pleased with the news. He said: "We are delighted with the strong support shown by Robex shareholders for the Transaction, which has the potential to create significant value for shareholders of the combined company. The Transaction consolidates two of the largest, lowest cost and most advanced gold projects in West Africa – Bankan and Kiniero – within a combined group with the execution capability and funding strength to grow into a significant gold producer with expected production of more than 400,000oz per annum1 by 2029."

The post Why 4Medical, Guzman Y Gomez, Lynas, and Predictive Discovery shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is up 4% to 59.7 cents. This copper miner's shares have been pushing higher this week thanks to an announcement relating to its Constellation Project. That announcement revealed that Aeris Resources has been granted development consent from the NSW Department of Planning, Housing and Infrastructure. Commenting on the news, Aeris Resources' executive chair, Andre Labuschagne, said: "Receiving development consent represents a key milestone for the project." Labuschagne added: Coupled with our recently declared Open Pit Ore Reserve, this places us in a strong position for Constellation to become the next major ore source for Tritton in the near term. We acknowledge and thank the NSW government for their continued support."

Cobram Estate Olives Ltd (ASX: CBO)

The Cobram Estate Olives share price is up 1.5% to $4.08. This olive oil producer's shares have been on fire this week thanks to news that it has signed an agreement to acquire California Olive Ranch. It is a leading producer and marketer of Californian extra virgin olive oil. Cobram Estate Olives has agreed to pay a total consideration of US$173.5 million for the acquisition. This comprises cash of US$88.5 million, the issuance of vendor notes worth US$70 million, and an earn-out payment US$15 million. Speaking about the deal, Cobram Estate Olives' chair, Rob McGavin, said: "The acquisition of California Olive Ranch, Inc., delivers a compelling set of strategic and financial benefits for CBO. It immediately expands our Californian olive growing footprint from approximately ~1,422 hectares to around ~3,292 hectares of planted groves, while accelerating sales growth through the addition of well-established, premium household brands."

Electro Optic Systems Holdings Ltd (ASX: EOS)

The Electro Optic Systems share price is up 3% to $9.42. Last week, this defence and space company announced a binding contract to deliver Remote Weapon Systems (RWS) to a prime contractor for integration onto a major U.S. Army ground combat vehicle. It revealed that the multi-year agreement with General Dynamics Land Systems includes RWS hardware, development, spare parts and training. The initial contract is for US$22m (approximately A$33 million). EOS shares are up over 600% in 2025.

Robex Resources (ASX: RXR)

The Robex Resources share price is up almost 5% to $5.75. This follows news that the gold miner's shareholders have approved its proposed merger with Predictive Discovery Ltd (ASX: PDI). Robex's managing director and CEO, Matthew Wilcox, said: "This has been a defining 10 days for Robex. On December 21, we achieved the first gold pour at Kiniero, and today, December 30, our shareholders approved the merger with Predictive. These two milestones demonstrate our ability to execute and position the combined company for rapid growth."

The post Why Aeris Resources, Cobram Estate, EOS, and Robex shares are charging higher today appeared first on The Motley Fool Australia.

In morning trade, the ASX gold stock is down 4% to 73.5 cents.

Why is this ASX gold stock tumbling?

Investors have been selling the gold miner's shares despite the release of an update on its proposed merger with Robex Resources (ASX: RXR).

According to the release, Robex Resources shareholders have approved the merger of the two gold miners at a special meeting overnight.

The ASX gold stock highlights that Robex shareholders voted overwhelmingly in favour of the transaction. In fact, a total of 94.54% of votes recorded were in favour of the merger.

It notes that this satisfies one of the outstanding closing conditions under the arrangement agreement between Predictive Discovery and Robex Resources. That condition was at least 66% of the votes cast by Robex shareholders voting in person or by proxy at the meeting were in favour.

Though, there are still a few boxes to tick before the merger completes. Management points out that closing of the transaction is subject to the satisfaction of the remaining closing conditions, including the approval of the Superior Court of Quebec and receipt of the key regulatory approvals. The latter include the consent of the Government of Guinea and the consent of the Government of Mali.

But if everything goes to plan, the transaction is expected to close during the first quarter of 2026.

Commenting on the news, the ASX gold stock's CEO and managing director, Andrew Pardey, said:

We are delighted with the strong support shown by Robex shareholders for the Transaction, which has the potential to create significant value for shareholders of the combined company. The Transaction consolidates two of the largest, lowest cost and most advanced gold projects in West Africa – Bankan and Kiniero – within a combined group with the execution capability and funding strength to grow into a significant gold producer with expected production of more than 400,000oz per annum1 by 2029.

The Robex team has done an outstanding job of developing Kiniero, recently achieving first gold pour on time and budget and now progressing through ramp-up towards commercial production. We are looking forward to the team turning their focus to the development of Bankan post completion of the Transaction, with 2026 shaping up as an exciting year for the combined company to advance its strategy of building a leading West African gold producer.

Why are its shares falling?

There are a few reasons why this could be the case. It could be that some investors hold shares in both companies and are now selling one holding to diversify. Alternatively, some investors may not be a fan of the plan and are exiting positions.

A third reason is that some traders may believe that Robex Resources shares are better value and are selling their Predictive Discovery shares to buy them for exposure to the merger. It is worth highlighting that Robex shares are up 4% on the news.

The post ASX gold stock tumbles on big merger news appeared first on The Motley Fool Australia.

The latest dip has barely dented gains made over the past year though. Predictive Discovery shares have rocketed 64.63% higher over the past 6 months and are now a huge 193.48% higher than this time last year.

For context, the S&P/ASX 200 Index (ASX: XJO) closed 0.42% lower on Tuesday afternoon. For the year the index is 4.24% higher.

What does Predictive Discovery do?

Predictive Discovery is a gold exploration company concentrated on finding and developing major gold deposits in Guinea, West Africa. The miner is focused on turning its flagship Bankan Gold Project into a Tier-1 African gold mine as well as exploring for other gold deposits within the highly prospective Bankan permits.

The miner's Environmental and Social Impact Assessment (ESIA) was approved in January 2025 and the Certificate of Environmental Compliance (ECC) was issued. 

What has driven the ASX gold miner's share price higher this year?

Predictive Discovery completed a Definitive Feasibility Study (DFS) for the Bankan Gold Project in June. According to the company, the study confirms that its Bankan Gold Project is a rare gold asset, with large-scale, a long-life production profile, robust margins, and the ability to generate strong returns through the cycle. 

The miner's shares have recently been boosted by a takeover bidding war. In October, the company announced a merger with fellow Robex Resources (ASX: RXR) but the merger was challenged by a superior bid from Perseus Mining (ASX: PRU) in early December 2025. Robex, however, successfully exercised its matching rights and Predictive Discovery accepted a revised Robex deal last week. This ended Perseus's bid and confirmed the Robex merger. 

It's possible that some investors were counting on a bidding war breaking out between Perseus and fellow suitor Robex Resources, but now it has been resolved it has caused the latest share price slump.

What's ahead for Predictive Discovery?

While the exciting bidding war has come to an end, there is still plenty of potential ahead for the ASX gold miner.

The amended Robex deal could help to strengthen the medium to long-term value for Predictive Discovery shareholders. The merged entity could boost potential production and also gain higher visibility in key investment indices like the ASX 200 and VanEck Junior Gold Miners.

Analysts are also bullish that there is a robust upside ahead for the ASX gold miner's shares. Data shows that 3 out of 4 analysts have a strong buy rating on the stock with a target price as high as $1 per share. At the time of writing, that implies a potential 48.15% upside ahead for investors over the next 12 months.

The post This ASX gold miner's shares have exploded nearly 200% since last year, and there's more upside ahead appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down 2.5% to $1.62. Investors have been selling this mineral exploration company's shares this week following the release of the pre-feasibility study (PFS) for the Gonneville Palladium-Nickel-Copper Project. The PFS confirmed a long life, globally competitive critical minerals mine in Western Australia, which it believes will generate $4.7 billion in free cashflow (pre-tax) over an initial 23 year open-pit mine life. In response to the update, UBS retained its neutral rating but slashed its price target down to $1.75.

Predictive Discovery Ltd (ASX: PDI)

The Predictive Discovery share price is down 7% to 65.5 cents. This morning, fellow gold miner Perseus Mining Ltd (ASX: PRU) revealed that it was ending its pursuit of Predictive Discovery after its proposal was no longer deemed to be superior. It is possible that some investors were counting on a bidding war breaking out between Perseus and fellow suitor Robex Resources.

Premier Investments Ltd (ASX: PMV)

The Premier Investments share price is down 4% to $14.43. This has been driven by the retail conglomerate's shares going ex-dividend this morning for its latest payout. In September, the Peter Alexander and Smiggle owner released its FY 2025 results and reported a sizeable a 31.1% jump in profit. This strong form allowed the company's board to declare a fully franked final dividend to 50 cents per share. Eligible shareholders can now look forward to receiving this dividend next month on 23 January.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down almost 11% to 50 cents. Investors have reacted negatively to news that the gold miner will sell down interests in its Simberi gold operations in Papua New Guinea. Chinese company Lingbao Gold Group (HKG: 3330) has agreed to pay $370 million for a half stake in a subsidiary that would own 80% of the Simberi gold project. The remaining 20% of the project is being sold to Kumul Mineral Holdings for $100 million. The company notes that the "transaction values 100% of the Simberi Gold Project at $800 million which represents a 31% premium to the current St Barbara market capitalisation."

The post Why Chalice Mining, Predictive Discovery, Premier Investments, and St Barbara shares are sinking today appeared first on The Motley Fool Australia.

What did Perseus Mining report?

• The Perseus proposal to acquire Predictive Discovery is no longer deemed a superior offer.
• Predictive's board determined Robex's revised agreement matched Perseus's bid under pre-existing arrangement terms.
• The binding offer made by Perseus on 3 December 2025 is now terminated.
• Announcement approved for release by Managing Director and CEO Craig Jones.

What else do investors need to know?

Predictive Discovery exercised its right to review competing offers, and Robex Resources responded promptly with a matched bid under their agreement with Predictive. As a result, Perseus has withdrawn its acquisition proposal.

The outcome removes the immediate prospect of Perseus expanding its portfolio via this transaction. Investors may wish to monitor further strategic moves from the company in the acquisition space going forward.

What's next for Perseus Mining?

With the Predictive Discovery deal off the table, Perseus may revisit its growth strategy and capital allocation plans. While this result is a setback for expansion via acquisition, Perseus's existing projects and operations continue unchanged.

Investors can expect the company to keep evaluating value-adding opportunities that align with its longer-term strategy, as management maintains its focus on operational execution and portfolio strength.

Perseus Mining share price snapshot

Over the past 12 months, Perseus Mining shares have risen 94%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 3% over the same period.

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The post Perseus Mining ends Predictive Discovery takeover bid appeared first on The Motley Fool Australia.