This Week’s Best Performing ASX Stocks – 24th October

The ASX 200 index concluded the week with a gain of 0.34%, bringing its year-to-date performance to a robust +9.97%. In this article we look at three ASX stocks that have made significant gains in the last week. We have focused on mid-sized companies and larger here – companies with a market cap of at least 1 billion AUD.

This Week on the ASX

Midweek saw the ASX 200 briefly surge to a record high, exceeding 9,100 points, fueled by weaker-than-expected labor market data. The unemployment rate’s rise to 4.5% in September, a near four-year high, ignited speculation of potential interest rate cuts by the Reserve Bank of Australia (RBA). Markets interpreted this as a potentially bullish signal, anticipating that monetary easing would stimulate economic growth and, consequently, boost corporate earnings. This expectation drove increased buying activity, particularly in sectors sensitive to interest rate changes.

Adding to the bullish momentum was the performance of the banking sector. On October 15, Australian shares experienced their strongest session in nearly two weeks, with the ASX 200 climbing 0.9% to 8,976.30 points. This rally was largely attributed to gains in the banking sector, spurred by the RBA’s September policy meeting minutes, which conveyed a cautious approach to immediate interest rate reductions. Major banks, including Westpac, witnessed notable increases in their share prices, bolstering overall market sentiment. Furthermore, the mining sector contributed positively, posting its strongest weekly gain in a year. This was underpinned by rising copper prices, driven by supply concerns. Major miners such as BHP and Rio Tinto experienced gains, reflecting investor confidence in the sector’s outlook and contributing to the upward market trajectory.

However, the week was not without its bearish influences. On October 24, the ASX 200 closed 0.2% lower at 9,019 points, as profit-taking activities in the financial and gold stock sectors weighed on the index. Markets turned cautious ahead of forthcoming inflation data from both Australia and the U.S., prompting a more risk-averse stance among investors and leading to sell-offs in these sectors. This profit-taking served as a reminder of potential vulnerabilities within the market.

Adding to the cautious sentiment was a decline in consumer confidence. The Westpac-Melbourne Institute Consumer Sentiment Index fell by 3.5% to 92.1 in October, marking the steepest decline since April. This drop in consumer confidence raises concerns about potential dampening of consumer spending, posing a bearish risk to sectors heavily reliant on domestic consumption. A decrease in consumer spending could negatively impact company revenues and profitability, potentially leading to downward revisions in earnings estimates.

Weebit Nano (WBT) +28.64%

Weebit Nano (WBT.AX) has emerged as a leading performer on the ASX this week, with its stock price experiencing a significant surge of 28.64% This upward momentum reflects growing market confidence in the company’s strategic direction and technological advancements in the Resistive RAM (ReRAM) space.

The share price appreciation is fueled by several recent key developments. A notable catalyst was the announcement of Weebit Nano joining the EDGE AI FOUNDATION as a Strategic Partner. This membership positions Weebit to contribute its low-power, high-performance ReRAM technology to the advancement of intelligent systems at the edge, an area experiencing rapid growth and demand for efficient memory solutions. Markets reacted positively to the prospect of Weebit playing a key role in this emerging sector.

Adding to the positive sentiment was the successful tape-out of embedded ReRAM test chips at onsemi’s 300mm production fab. This milestone represents a crucial step toward the commercialization of Weebit’s technology and its potential integration into onsemi’s future automotive and other applications. This development signals progress toward revenue generation and solidifies Weebit’s position in the competitive memory market.

Weebit Nano’s Q4 FY25 activities report further reinforced investor confidence. The company reported A$1.4 million in customer payments during the quarter and maintained a strong cash balance of A$88 million as of June 30, 2025. Progress in technology transfer to key partners, including onsemi and DB HiTek, was also highlighted, with the first module tape-out with onsemi anticipated before the end of 2025. The company also signed a design license agreement with its first product customer, a U.S.-based company focused on security-related applications, demonstrating growing commercial traction.

The Q4 2025 earnings call provided additional insights into the company’s growth trajectory. The company is on track to exceed its targets of signing agreements with three fabs and three product companies by the end of 2025. This assertion, coupled with the company’s leadership in the embedded ReRAM market, has resonated with markets seeking exposure to innovative memory solutions.

The company’s financial strength has also played a role in its recent stock performance. In November 2024, Weebit Nano successfully raised A$50 million through a share placement to institutional investors at a premium, indicating strong market confidence in its ReRAM technology and future prospects. The funds are earmarked for enhancing commercialization activities and supporting ongoing technology development, providing a solid foundation for future growth.

Analysts are closely watching Weebit Nano’s progress in securing further design wins and partnerships, as these will be key indicators of its long-term success. The company’s ability to successfully integrate its ReRAM technology into commercial products and capitalize on the growing demand for low-power, high-performance memory solutions will be crucial for sustaining its upward momentum.

Pilbara Minerals (PLS) +24.23%

Pilbara Minerals Limited (ASX: PLS) has emerged as a standout performer on the ASX, experiencing a substantial surge in its share price driven by upbeat financial results and strategic initiatives. The lithium miner witnessed its stock price leap by 24.23% this week, reflecting renewed market confidence in its growth trajectory.

The recent rally in Pilbara Minerals’ stock can be attributed, in part, to a robust quarterly revenue report. The company announced A$251 million in revenue for the quarter ending October 2025, a significant increase from the A$210 million reported during the same period last year. This positive financial performance, coupled with a 2.1% year-over-year increase in production, has been well received by the markets, contributing to the notable share price appreciation.

Beyond the immediate financial results, strategic expansions and innovative projects are also fueling investor optimism. Pilbara Minerals announced a 23% increase in the mineral resource at its Pilgangoora Operation in June 2025. This expansion solidifies its position as one of the world’s largest hard-rock lithium projects, promising enhanced production capacity and long-term value creation for shareholders. The company’s proactive approach to expanding its resource base signals a commitment to meeting the growing demand for lithium in the electric vehicle and energy storage sectors.

Further bolstering its growth prospects, Pilbara Minerals is advancing sustainable practices through the resumption of the Mid-Stream Demonstration Plant Project in collaboration with Calix Ltd. Supported by a A$15 million grant from the Western Australian Government, this project aims to construct and operate a demonstration-scale plant featuring the world’s first industrial-scale electric spodumene calciner. This initiative holds the potential to significantly reduce carbon emissions in the lithium supply chain, aligning with the increasing focus on environmental sustainability within the industry.

Pilbara Minerals’ strategic acquisition of Latin Resources in August 2024 further expands its asset portfolio. The addition of the Colina lithium project in Brazil is projected to increase the company’s mineral resources by approximately 20% and potentially contribute up to 30% to steady-state production. This acquisition represents a strategic move to diversify its asset base and strengthen its position in the global lithium market.

Despite these positive developments, the company faces external challenges. The early restart of CATL’s Jiangxi lithium mine, representing about 3% of global mined lithium output, has fueled market concerns about potential lithium oversupply. This concern contributed to a 17.2% decline in the company’s share price at that time, underscoring the sensitivity of the stock to fluctuations in lithium market dynamics. In October 2024, analyst forecasts projected a 31% decline in revenue to A$863 million and a 69% drop in earnings per share to A$0.026 for 2025, highlighting the potential impact of market headwinds.

Analysts are closely monitoring Pilbara Minerals’ ability to navigate these market challenges and capitalize on its strategic initiatives. The company’s focus on expanding its resource base, enhancing production efficiency, and promoting sustainable practices positions it favorably for long-term growth. However, the fluctuating lithium prices and potential oversupply in the market will continue to be key factors influencing investor sentiment.