Australian Block Market Share report – July 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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The ASX200 returned +2.35% in July, supported by increasing expectations for domestic rate cuts after softer inflation and employment prints. Sector rotation into miners continued at the expense of banks, reflecting both commodity price resilience and softer financials sentiment. The ASX200 had a tailwind from the move in US markets, where Tech led amid the AI secular growth theme and generally favourable earnings takeaways. Sentiment was further buoyed by trade developments, as tariff outcomes were largely better than feared.

 

Another very elevated month of block activity – especially relative to total turnover

  • $16.09B of blocks trading in the month – 2nd highest on a rolling 12 month basis

  • +11.8% vs 12 month average, at $700m per day

  • Blocks accounted for 8.9% of total turnover (+18.7% vs 12mth average of 7.5%)

 

After a dominant month from UBS in June, BJ took the title with an impressive 15.4% market share, a particularly strong month from MS following some personnel changes, while Jefferies and MQG rounded out the top five. Recent GS momentum continued, while BJ had a very strong month in mid caps and Morgans in small caps. The top 10 accounted for 86.4% market share vs a 12 month average of 83.8%, resulting in a thinner tail



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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