Australia's share market has crawled to the finish on the last trading day of 2025, with no strong move to punctuate 12 months shaped by global trade disputes, artificial intelligence hype and geopolitical strife.
The S&P/ASX200 drifted 2.8 points lower on Wednesday's abridged session, down 0.03 per cent, to 8,714.3, as the broader All Ordinaries lost 3.6 points, or 0.04 per cent, to 9,018.8.
It was an uninspiring finish to a volatile year, the top-200 dipping almost 13 per cent from January to April when US tariff announcements rocked global growth hopes, before climbing to a 6.7 per cent gain for 2025.
Energy, materials and IT stocks ended the day between 0.5 and 0.8 per cent higher, while financials led five sectors lower the remaining three closed about flat.
The boost in the raw materials segment came on the back of a modest bounce in metals prices as gold, silver and platinum rebounded from post-record-high profit-taking earlier in the week.
Gold miners were broadly higher, as the precious metal traded around $US4,345 ($A6,490) an ounce, lifting majors Northern Star (+1.7 per cent) and Evolution, which gained one per cent.
Zooming out, gold is up more than 65 per cent for the year, while the All Ordinaries gold sub-industry index has rocketed more than 120 per cent since January 1.
BHP was the best of the iron ore giants on Wednesday, up 0.9 per cent to $45.49, as competitors Fortescue and Rio Tinto slipped less than 0.2 per cent lower.
The heavyweight financials sector lost 0.4 per cent, an uninspiring end to a decent year, the segment boosting its value by 7.8 per cent.
Commonwealth Bank shares closed at $160.57, after cracking a record $192 in June, prompting fears about its valuation despite posting multiple record profits over the year.
Energy stocks jumped nearly 0.8 per cent on Friday, buoyed by stronger oil prices, but fears of a supply glut have made it a rough 12 months for the sector, which has shrunk 2.3 per cent since January.
Health care stocks had an even tougher year, the sector down almost 25 per cent, its value marred by US pharmaceutical tariffs and vaccine skepticism in the White House, and a 38 per cent wipepout in segment giant CSL.
Defence technology stock Droneshield was one of the best performers of 2025, ending the year 300 per cent higher, closing at less than half its October record price of $6.71.
Imaging software and hardware supplier 4D Medical topped the list, up 718 per cent in 12 months.
Telix Pharmaceuticals and Penfolds owner Treasury Wine Estates were at the other end of the table, down around 54 per cent.
Telix struggled with US regulatory resets and Treasury Wines restructured to adapt to changing global palettes, shifting its focus to its luxry offerings.
The Australian dollar was buying 66.95 US cents at 3.30pm AEDT, down slightly from 67.14 US cents on Tuesday at 5pm but roughly five US cents stronger than the same day in 2024.
ON THE ASX:
* The S&P/ASX200 fell 2.8 points, or 0.03 per cent, to 8,7143.
* The broader All Ordinaries lost 3.6 points, or 0.4 per cent, to 9,018.8
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 66.95 US cents, from 67.14 US cents at 5pm AEDT on Tuesday
* 104.80 Japanese yen, from 104.76 Japanese yen
* 57.03 euro cents, from 57.01 euro cents
* 49.74 British pence, from 49.67 British pence
* 115.82 NZ cents, from 115.42 NZ cents
