ii view monthly round-up: November 2025

UK stocks battled a reassessment of US tech valuations over November, leaving the FTSE All share virtually unchanged. The tech heavy Nasdaq Composite index lost 1.5%. Both the S&P 500 and Dow Jones indices finished almost unchanged after marked volatility. 

Shares in FTSE 100 company Rightmove (LSE:RMV) fell by close to a fifth during November. The property advertising website operator predicted growth in 2026 profits below City forecasts slowed byplanned investments in AI initiatives.   

AI initiatives now include transforming its app and AI-powered search capabilities as well as upgrading the back-end infrastructure. Rightmove investments of around £18 million are expected to feature in leaving growth in full year 2026 adjusted operating profits at between 3% and 5%. That’s below City forecasts for growth of close to 10%.

Elsewhere, a President Trump backed peace plan for Ukraine and Russia helped leave shares for major UK defence equipment maker BAE Systems (LSE:BA.) down by just over a tenth. A third-quarter trading update from the FTSE 100 company detailed continuing weapons demand to late October. New orders for the ten-month period rose to £27.2 billion, up from £25 billion during the same period 2024.

Similarly, shares in FTSE 250 company Chemring Group (LSE:CHG) fell 16%. It also detailed further significant contract wins during the second the half of the financial year to late October, leaving it on track to achieve annual profits matching current City forecasts.  

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Away from defence, bus and train operator FirstGroup (LSE:FGP) forecast a modest gain in adjusted earnings over the current full year. Bus related profits for the first half to late September rose 4% to £42.7 million. 

Rail related profits fell to £66.6 million from £67.9 million a year ago, hindered by the expiry of the South Western Railway National Rail government contract in May 2025. Shares for the FTSE 250 company fell 16% during over the month.

Green play Johnson Matthey (LSE:JMAT) flagged headwinds for its ongoing transformation plan. A new facility in Hertfordshire aimed at increasing efficiency will now open in 2027 as opposed to the previously planned 2026.

First-half adjusted profits for the maker of vehicle exhaust pipe catalytic converters rose by a third to £142 million. Shares for FTSE 250 company fell 7% over the month. 

On the upside, shares for retailer Watches of Switzerland Group (LSE:WOSG) rose by more than a fifth. A one-tenth increase in currency adjusted sales for the first half to late October to £845 million was aided by a one fifth gain in US sales to £409 million. Analysts had forecast US sales of £379 million.  

A trade deal announced mid-November between the US and Switzerland to reduce tariffs to 15% from a previous 39% also likely fed into the share price gain. 

Shares in FTSE 100 utility company SSE (LSE:SSE) rose 15% during November. SSE announced plans to increase its focus on potentially higher profit generating transmission networks.

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Investment of £27 billion in transmission networks to 2030 is now expected to underpin a rise in adjusted earnings to between 225p and 250p per share. That’s potentially up from 2024’s unadjusted 160.9p per share. An equity fund raising of £2 billion was also announced to help fund investment with management continuing to target growth in the annual dividend payment of between 5% to 10%.

Shares in the UK’s biggest company by stock market value, AstraZeneca (LSE:AZN), also rose by 12%. Astra announced third-quarter growth across all its therapy areas and including a 16% rise for cancer or oncology related sales. 

Currency adjusted revenues to late September rose 10% to $15.2 billion, pushing core earnings up 12% to $2.38 per share. The FTSE 100 mammoth continues to target annual 2030 sales of $80 billion, a potential gain from 2024’s $54.1 billion.  

In the USA, shares for retailing giant Walmart Inc (NYSE:WMT) rose 9%. The US economic bellwether detailed third quarter global ecommerce sales up 27%, driving groupwide revenues up 6% to $179.5 billion.

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A return of the US government from a shutdown also potentially played its part in aiding the shares. The shutdown disrupted food stamp payments, used by roughly 42 million Americans to help pay for groceries.  

In contrast, shares in DIY retailer The Home Depot Inc (NYSE:HD) fell 6%. The Dow Jones company outlined third-quarter sales and profits missing Wall Street forecasts with management also lowering full year profit hopes given slower than expected customer demand.

Finally, Warren Buffett founded Berkshire Hathaway Inc Class B (NYSE:BRK.B) announced record cash held. Cash swelled to $381.6 billion as of late September, surpassing the previous record of $347.7 billion in late March.

Berkshire profits, including investment gains and losses, climbed 17% from a year ago to $30.79 billion. In May, Berkshire announced the stepping down of the 95-year-old Warren Buffett as chief executive at the end of 2025, with Greg Abel the current vice chairman of non-insurance operations set to take over. Shares in the conglomerate rose 7% during November.