Despite November's market slump, four ASX200 standouts still delivered double digit gains.
November was another rough month for the ASX200. The index dipped 3.16% and wrapped up at 8,614.10 points - taking the Australian sharemarket back to its July levels.
Why the slump? Economists say it’s a mix of "stretched valuations, risk around US tariffs and the softening US jobs market”.
But some ASX200 companies defied the odds and still managed to deliver some strong returns to investors.
Let’s take a look at the four top ASX stocks in November 2025:
Lithium enthusiasts had reason to celebrate this month with most major lithium mining companies riding the strong demand and 16% price jump in lithium carbonate.
If you’re not an earth minerals nerd, Lithium is a material needed for making grid storage and EV batteries, and recently production of these have been ramping up in China.
Liontown Resources owns the Kathleen Valley Lithium Project in Western Australia, one of the world’s largest hard-rock lithium deposits.
Despite no price-sensitive news from the miner since the company’s quarterly update (on 28 October), their share price was up 22% this month thanks to the boom in lithium demand. Zooming out for 2025, Liontown’s shares have increased 150%!
Major competitor, Pilbara Minerals who is responsible for ~ 8% of the world’s lithium supply, was riding the same wave of success. Its share price received a 22.7% glow up by the end of November, and overall its share price is up 79.9% in 2025.
Another serious rival in the lithium mining industry is IGO. Although they originally mined a wider range of ‘clean energy metals’ (like nickel, copper, and cobalt) they’ve since shifted their focus to lithium - and investors seem pleased! IGO’s share price gained 26.1% this month, and 40.5% across 2025.
Lastly, Light & Wonder broke through the lithium streak to top the charts as ASX200’s best performer in November! Light & Wonder is a global gaming and gambling products company that’s headquartered in Las Vegas.
November was a big month for Light & Wonder - after announcing a 78% increase in net income in their Q3 earning report, they also finalised their transition to being a sole ASX listed company (previously also listed on NASDAQ).
This positive news resulted in a 39.8% increase in Light & Wonder’s share price this month, and overall the company is up 11.4% for 2025.
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