This Week’s Best Performing ASX Stocks – 7th November

The ASX 200 index has experienced a slight decline over the past week, reducing its year-to-date gain to 6.93%. This downturn mirrors broader anxieties rippling through global markets, influenced by a combination of factors ranging from technology stock sell-offs to emerging public health concerns. The Australian benchmark index closed out the week at 8,769.70, down 0.66%.

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

The recent slide in the Australian benchmark reflects a global trend of market retreat. On November 7, 2025, major technology stocks experienced significant losses, dragging down Wall Street indices and casting a shadow over European and Asian markets. Germany’s DAX, France’s CAC 40, and the UK’s FTSE 100 all opened lower. Asian markets followed suit, with Japan’s Nikkei 225, Hong Kong’s Hang Seng, and South Korea’s Kospi all registering declines. These global movements are indicative of a cautious market sentiment, impacted by factors such as trade dynamics and sector-specific weaknesses.

Adding to the global unease, China reported a 1.1% decline in October exports, with U.S.-bound shipments dropping 25%. While a recent trade de-escalation agreement between U.S. and Chinese leaders has sparked hopes for recovery, the impact of these economic headwinds remains a concern for markets. In the U.S., sharp tech stock declines, particularly in companies like Nvidia, Microsoft, and Amazon, contributed to the overall sell-off. Financial concerns also weighed on DoorDash and CarMax, while Tesla shares experienced volatility amid shareholder votes.

Alongside these economic factors, emerging public health concerns are also subtly influencing market sentiment. Recent TB outbreaks, such as the one in Kansas, where 68 active cases and 88 latent cases have been reported since January 2024, have raised alarms. Furthermore, a potential TB outbreak among workers at the Camp Nou stadium renovations in Barcelona is under investigation, highlighting potential risks in the construction sector. Although the direct financial impact of these localized outbreaks on the broader market may be limited, they contribute to an atmosphere of uncertainty that can affect investor confidence.

Innovations in TB screening and treatment offer a counterpoint to these concerns. AI-enabled TB screening, which utilizes cough sound analysis and speech foundation models, shows promise for scalable, non-invasive detection in high-burden, low-resource settings. A study in Zambia demonstrated an AUROC of 92.1% for distinguishing TB-positive cases, suggesting significant potential for this technology. Additionally, a novel method for rapid, culture-free determination of TB drug resistance using machine learning and Raman spectroscopy could significantly reduce treatment times. These advancements may have long-term positive implications for the pharmaceutical and healthcare sectors.

Navigator Global Investments (NGI) +12.05%

Navigator Global Investments (NGI) has emerged as a standout performer on the ASX this week, fueled by a potent combination of strong financial results and favorable analyst sentiment. The Australian alternative asset manager has seen its stock price climb 12.05% over the past week, positioning it amongst the top gainers on the exchange.

The recent surge is largely attributed to UBS initiating coverage of Navigator Global Investments with a ‘Buy’ rating and a price target of A$3.40. This bullish outlook hinges on the firm’s inorganic growth strategy, which involves acquiring minority equity stakes in global partner firms. UBS analysts believe the market is underappreciating the potential of this strategy to drive assets under management (AUM) and, consequently, earnings per share (EPS). The brokerage projects a compound annual growth rate (CAGR) of 10% for EPS, significantly exceeding the current consensus estimate of less than 5%. The UBS valuation suggests a substantial upside for the stock, which recently traded around A$2.685.

The positive sentiment is further supported by Navigator Global Investments’ robust financial performance in FY25. The company reported a 27% year-over-year increase in revenue, reaching USD 435.6 million, driven by recurring management and performance fees, along with positive investment performance across its partner firms. Adjusted EBITDA also saw a healthy 26% increase, reflecting growth in AUM, operating margins of 56%, and effective cost management. Statutory net profit after tax (NPAT) surged by 80% year-over-year, reaching USD 119.4 million. Ownership-adjusted AUM increased to USD 27.7 billion, a 6% rise from the previous year.

Navigator Global Investments has been actively expanding and diversifying its portfolio through strategic investments in specialized alternative asset managers. A notable example is the $100 million investment in Invictus Capital Partners, a U.S. residential real estate finance firm. The company has also forged partnerships with 12 other niche managers, spanning real estate, credit, and volatility arbitrage. This diversification not only broadens NGI’s revenue streams but also increases its ownership-adjusted AUM, which now stands at $28 billion, with total AUM across partner firms reaching $86 billion. This expansion positions NGI to capitalize on sector tailwinds and generate recurring fee income.

However, not all analysts share the same level of optimism. Some have expressed caution regarding NGI’s future growth prospects. One report highlights that while the company’s price-to-earnings (P/E) ratio of 7.7x may appear attractive, earnings per share are anticipated to decline by 8.9% annually over the next three years, compared to a market-predicted growth of 18% per annum. This divergence suggests that the current P/E ratio may reflect market expectations of declining earnings, potentially limiting further stock price appreciation.

Kingsgate Consolidated Limited (KCN) +10.97%

Kingsgate Consolidated Ltd (KCN) has distinguished itself as a top performer on the Australian Securities Exchange (ASX) this week, fueled by a combination of strategic corporate actions and positive operational results. The company’s shares have experienced a notable surge, reflecting increased investor confidence.

The market has responded positively to Kingsgate Consolidated’s recent announcement of an on-market share buy-back program. This initiative, revealed on November 6, 2025, is designed to optimize the company’s capital structure. By reducing the number of outstanding shares, the buy-back aims to potentially enhance earnings per share, a move typically welcomed by markets seeking value.

Further bolstering investor sentiment is the report of record production levels at Kingsgate’s Chatree Gold Mine in Thailand. This achievement highlights the company’s operational efficiency and its ability to capitalize on favorable conditions within the gold market. The increased output from Chatree directly translates to stronger revenue streams, reinforcing confidence in Kingsgate’s ability to deliver consistent results.

The release of Kingsgate’s audited annual financial report for 2025 has further cemented the positive outlook. The report showcased significant growth in both revenue and net income, demonstrating the effectiveness of the company’s management and operational strategies. Such robust financial performance serves as a key indicator of the company’s stability and growth potential.

Adding to the positive momentum, Kingsgate received an upgrade from Canaccord Genuity on September 11, 2025, to a ‘Buy’ rating. Analyst upgrades from reputable financial institutions often act as a catalyst for increased investor interest, driving further stock price appreciation. Such endorsements provide external validation of the company’s prospects.

Kingsgate Consolidated’s extension of the deadline for the Thailand-Australia Free Trade Agreement (TAFTA) arbitral award also plays a role in the market’s positive assessment. This extension grants the company more time to navigate the political landscape in Thailand, potentially mitigating risks associated with its operations in the region. This strategic move signals proactive risk management and adaptability.

Pepper Money Ltd (PPM) +10.31%

Pepper Money Ltd (PPM) has emerged as one of the top-performing stocks on the Australian Securities Exchange (ASX) this week, fueled by strategic initiatives and positive market sentiment. The non-bank lender’s stock has jumped 10.31% in the past week, reflecting investor confidence in its growth strategy.

The recent surge in PPM’s stock price can be attributed to a combination of factors, headlined by the company’s potential acquisition of Westpac’s mortgage broking portfolio. Pepper Money is participating in a consortium engaged in preliminary negotiations with Westpac. The potential acquisition, while still in the early stages, is viewed as a strategic move to significantly expand Pepper Money’s presence in the competitive mortgage market. The markets interpreted this news favorably, driving increased interest in the stock.

Further bolstering investor confidence is Pepper Money’s ongoing share buy-back program. To date, the company has repurchased over 1.7 million shares. This initiative is often seen as a signal to the market that the company believes its shares are undervalued, which can lead to upward pressure on the stock price. By reducing the number of outstanding shares, the buy-back program can also improve key financial metrics such as earnings per share, making the stock more attractive to investors.

In addition to strategic acquisitions and capital management, Pepper Money is also focusing on employee engagement. The company recently issued unquoted equity securities as part of its employee incentive scheme. This move aims to align employee interests with company performance, fostering a motivated workforce and potentially enhancing operational efficiency. Markets often view such initiatives as a positive sign of a company’s commitment to long-term growth and sustainable success.

The combined effect of these developments has created a positive outlook for Pepper Money. The company’s proactive approach to growth, through strategic acquisitions, employee incentives, and capital management, appears to be resonating with investors. While the acquisition of Westpac’s mortgage broking portfolio is not yet guaranteed, the potential deal represents a significant opportunity for Pepper Money to solidify its position in the Australian mortgage market. The share buy-back program further reinforces the company’s belief in its own value and its commitment to delivering shareholder returns. These factors likely impacted the positive price movement this week, and could continue to shape investor sentiment moving forward.

Bull Case