Australian Block Market Share report – January 2025
With the expertise of our Quantitative Analytics team, we compile a monthly report on Australian block market share – to give consistent and transparent data to share key insight in the Australian market.
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ASX200 return in January of 1.78% on a modest uptick in volatility as the ASX200 VIX average daily value rose to 10.4 from 10.1 in December, amid mounting expectations of an RBA rate hike. On the macro front, stronger-than-expected inflation and employment data drove a hawkish shift in RBA policy expectations, marking a stark reversal from the easing bias seen globally. The strength was concentrated in commodity and resource-linked sectors – gold in particular, with clear rotation out of Tech into Materials. As ever in January, skeleton staffed desks and investment teams sees liquidity dry up – across broad market turnover as well as block activity.
As is typical in January – a particularly quiet month of the blocks front – indeed the lightest since January 2025
Daily block turnover averaged $504m, vs the 12-month average of $728m
January block turnover of $10.08B vs $15.28B 12-month average and $7.02B in Jan 2025
Daily block count averaged 143, -21.4% vs 12-month average of 182
Not one day of block turnover in excess of $1B and indeed Jan 2nd turnover was just $72m
Superblocks ($20m- $49.99) off 40% vs 12mth average to 51
Was quite evenly distributed with the top 10 mkt share accounting for 85.8% vs 12-month average of 84.2%, and the top 5 broadly in line with average also. BJ finished on top with a strong showing in large and small caps, JPM outperformed as were particularly active in mid-caps. MS pushed MQG outside the top 5 and there was some shuffling in the lower half of the top 10. As mentioned, agency venues had a strong (relative) showing.
Methodology
We have used ASIC definitions of a block (according to Tiers) instead of an arbitrary dollar value, and then cleaned the data by only incorporating blocks between 10:00 - 16:11. Any blocks done at PDC or open prices are also excluded. ETF trades are excluded.
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