Stock market review: best and worst in November 2025

The FTSE 100 index is on track to finish the year a fifth higher after trading in November saw big advances for Lloyds Banking Group (LSE:LLOY) and NatWest Group (LSE:NWG) alongside a 12% surge by AstraZeneca (LSE:AZN).

Their gains offset the weakness of Rolls-Royce Holdings (LSE:RR.) and BAE Systems (LSE:BA.) shares as the blue-chip benchmark ended the month unchanged at 9,721, a rise of 18.9% so far in 2025.

• Our Services: SIPP Account | Stocks & Shares ISA | See all Investment Accounts

November’s performance matched the resilience of the S&P 500 index, which recovered from its biggest peak-to-trough points fall since the Liberation Day turmoil – down from 6,869 to 6,521 in less than 10 days - to close marginally higher.

The Wall Street benchmark ended the month up 15.8% year-to-date, while the tech-focused Nasdaq Composite was more than a fifth higher despite a decline of 1.5% in November.

Fears of an AI bubble hung over Apple Inc (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA) and the rest of the Magnificent Seven as the band of mega-cap stocks fell 1.1% last month to end a run of seven consecutive monthly gains.

The risk-off mood persisted throughout November for holders of cryptocurrencies as Bitcoin fell another 16.7% as one of the month’s worst-performing global assets.

Overall, Deutsche Bank said November had been a month of two halves as risk assets sold off before a sharp recovery took hold towards the end of the month.

It added: “The Federal Reserve was the biggest market driver in November, as expectations of a December rate cut went on a big round trip over the month.”

• Stockwatch: a bullish or bearish Budget for these four stocks?
• Nvidia: should you buy or sell poster child of the AI trade?
• Five macro themes tipped to shape markets in 2026

A cut was considered to be a 68% probability at the start of the month, falling to 24.5% by 20 November before ending the month at 83%.

The recovery in rate cut bets helped the gold price finish the month on the front foot as the non-yielding asset added another 5.9% across November to reach $4,239 an ounce.

That performance was put in the shade by the 16% surge of silver as it registered a seventh consecutive monthly gain for the first time since 1980.

The latest advance for precious metal prices provided fresh support for Mexico’s Fresnillo (LSE:FRES), whose shares lifted another 14.7% in the month to stand 351% higher so far in 2025.

West Africa-focused gold miner Endeavour Mining (LSE:EDV) rose 13.5% for a 149% year-to-date improvement, while FTSE 250-listed Hochschild Mining (LSE:HOC) rose 22% and 93.6%.

The best blue-chip stock in the month was Games Workshop Group (LSE:GAW), which surged 21.8% to a record high price of 19,590p and a market capitalisation of £6.4 billion.

November’s move, which took the Warhammer figurines maker’s advance to 47% in 2025, followed more strong trading and plans for a further return of surplus cash to shareholders.

• Insider: ex-FTSE 100 chief buys stock with re-rating potential
• 2026 look ahead: CHAOS or CALM?
• Sign up to our free newsletter for investment ideas, latest news and award-winning analysis

SSE (LSE:SSE) also hit a record during the month as shares jumped another 14.7% to 2,232p, having announced an accelerated five-year investment plan to upgrade the UK’s electricity network. It also forecast annual dividend growth of between 5% to 10%.

Other stocks sharply higher in the month included Persimmon (LSE:PSN), with the 10% improvement boosted by the outlook for lower interest rates in the UK.

The York-based builder was the pick of the sector in November to stand 11.9% higher in 2025, compared with year-to-date falls of more than 12% for Barratt Redrow (LSE:BTRW) and Berkeley Group Holdings (The) (LSE:BKG).

FTSE 100 risers in November 2025

Source: ShareScope on 2 December 2025. Past performance is not a guide to future performance.

FTSE 100 fallers in November 2025

Source: ShareScope on 2 December 2025. Past performance is not a guide to future performance.

Lloyds and NatWest both rose 8%, extending their gains for this year to 77% and 59% respectively, after the chancellor spared the sector from further tax rises in the Budget.

AstraZeneca shares outperformed in the month, with the FTSE 100’s largest company up 12% amid further developments in its US expansion plans. GSK (LSE:GSK) shares were flat in November, leaving both companies more than 30% higher in 2025.

Among other FTSE 100 heavyweights, BP (LSE:BP.) shares rose 2.7% compared with the decline of 2.3% for Shell (LSE:SHEL), while Glencore (LSE:GLEN), Anglo American (LSE:AAL) and Aviva (LSE:AV.) retreated by between 1% and 2.5%.

Rolls shares dropped by 8.5% and BAE by 11.8% but the pair ended the month still a respective 83% and 39% higher across the year.

The worst-performing FTSE 100 stock in November was 3i Group Ord (LSE:III), which fell 28% after half-year results fuelled stock market jitters over top-performing investment Action.

• 10 hottest ISA shares, funds and trusts: week ended 28 November 2025
• Watch our video: Uranium: industry dynamics investors should know
• eyeQ: a stock that’s 24% cheap to fair value

Rightmove (LSE:RMV) shares slid 18% in the month after its AI-led investment plans for the next three years caused a revision of City profit expectations.

In the FTSE 250 index, Ceres Power Holdings (LSE:CWR) posted the strongest monthly performance as shares rose 38.3%. They have doubled in value this year, reflecting growing confidence in the suitability of its fuel cell technology to meet the power demands of the global data centre rollout.

Ceres closed the month at 344.5p but had been above 400p after the company extended its commercial relationship with China-based power systems firm Weichai.

In the FTSE All-Share, Marston's (LSE:MARS)’s shares rose 31% in November as the pub chain reported a surge in Christmas bookings alongside a 71% rise in annual profits.