Lunch Wrap: ASX loses fizz as soft CPI lifts banks; DroneShield soars on record deal
ASX fizzles as soft CPI lifts banks, hammers miners
DroneShield rockets on record European order
Paladin names new CEO
The ASX bolted out of the blocks on Wednesday, up nearly half a per cent inside the first hour, but the early fizz went flat by lunch.
Local traders digested a mixed brew of softer inflation and wobbly commodity prices.
Overnight in New York, the bulls were on parade. The S&P 500 added 1.1% and the tech-heavy Nasdaq almost clinched a fresh record, up 1.5%.
Fed boss Jerome Powell told Congress there's 'no rush' to slice rates, but conceded cuts will come 'sooner rather than later' if inflation behaves.
Oil prices kept sliding, and WTI has now dropped almost 15% in two sessions to hover near US$65 a barrel.
Much of that retreat hangs on Donald Trump's hastily brokered ceasefire between Israel and Iran, complete with his trademark all-caps warnings: 'DO NOT DROP THOSE BOMBS'.
Back home, the inflation reading landed this morning, with May CPI easing to 2.1% year-on-year, better than the 2.3% the punters tipped and well below April's 2.4%.
The trimmed mean – the RBA's pet measure – slipped to 2.4% from 2.8%, still inside the holy-grail 2–3 per cent band which is good.
Back to the ASX, where bank stocks led. Commonwealth Bank (ASX:CBA) hit another record $192 before paring gains.
Miners copped the heaviest selling after iron-ore futures dipped again in Singapore. Fortescue (ASX:FMG) slid 2%.
The gold crew also lost their shine as haven demand cooled. Northern Star Resources (ASX:NST) dropped a hefty 2.7%.
In the large caps front, it was anything but dull.
Defence tech darling DroneShield (ASX:DRO) stole the headlines, rocketing 22% after sealing its biggest single contract yet – a $61.6 million order from a European military customer for handheld counter-drone gear.
Among the other movers, freshly relisted Virgin Australia (ASX:VGN) climbed another 3.5% after finishing 10% higher on debut yesterday.
Xero (ASX:XRO) is in a trading halt pending its potential US$2.5 billion acquisition of New York fintech, Melio.
And, uranium miner Paladin Energy (ASX:PDN) named chief operating officer Paul Hemburrow as its new CEO from 1 September.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for June 25 :
Security Description Last % Volume MktCap
OVT Ovanti Limited 0.007 133% 239,057,184 $9,016,545
RLC Reedy Lagoon Corp. 0.002 100% 5,130,468 $776,707
LIS Lisenergylimited 0.135 45% 3,714,033 $59,538,621
CDE Codeifai Limited 0.064 33% 4,604,031 $21,261,046
HCD Hydrocarbon Dynamics 0.002 33% 1,816,797 $1,617,164
MGU Magnum Mining & Exp 0.004 33% 172,779 $3,364,953
AN1 Anagenics Limited 0.005 25% 105,000 $1,985,281
ERA Energy Resources 0.003 25% 85,665 $810,792,482
FBM Future Battery 0.020 25% 268,651 $10,770,576
OMG OMG Group Limited 0.005 25% 1,721,869 $2,913,180
TEG Triangle Energy Ltd 0.003 25% 1,050,660 $4,178,468
SUM Summitminerals 0.038 23% 855,713 $2,745,858
DRO Droneshield Limited 2.170 22% 23,021,475 $1,561,051,854
AON Apollo Minerals Ltd 0.006 20% 140,000 $4,642,284
FRX Flexiroam Limited 0.006 20% 200,019 $7,586,993
OLI Oliver'S Real Food 0.006 20% 2,846,964 $2,703,660
PWN Parkway Corp Ltd 0.012 20% 8,434,707 $27,671,139
PPK PPK Group Limited 0.340 17% 242,989 $26,335,624
BMG BMG Resources Ltd 0.007 17% 100,000 $5,066,383
WBE Whitebark Energy 0.004 17% 551,397 $2,062,001
RPG Raptis Group Limited 0.043 16% 67,311 $12,975,340
CHW Chilwaminerals 1.220 16% 58,992 $56,907,194
MCA Murray Cod Aust Ltd 1.185 15% 29,820 $108,947,776
NME Nex Metals Explorat 0.023 15% 20,067 $6,682,116
AVW Avira Resources Ltd 0.008 14% 108,829 $1,610,000
Ovanti (ASX:OVT) has named Zip Co (ASX:ZIP) exec Peter Maher as CEO of its US BNPL, payments and embedded finance arm. Maher, who helped grow Zip's American business under co-founder Larry Diamond, will join OVT on July 14 after serving out his notice. Ovanti picked him after a global search, banking on his track record in big merchant deals, AI-led affordability tools and launching BNPL products that ditch credit scores for real-time income data. OVT reckons that's the key to cracking the US market, and Maher's the one to do it.
Reedy Lagoon (ASX:RLC) has lined up a handful of promising drill targets at its Burracoppin gold project in WA's Wheatbelt, sitting between Perth and Kalgoorlie. Using magnetic data and over 3,000 soil samples, it's pinpointed gold anomalies across four main prospects – Lady Janet, Windmills, Shear Luck and Zebra. The land's flat and mostly covered in crops or sheep, with little rock showing, so the company's been relying on geophysics and soil to guide the way. First-pass drilling is now on the cards to see what's hiding in the bedrock.
Li-S Energy (ASX:LIS) has signed a deal with a major defence tech company to test its lithium-sulfur batteries for global military use. The partner, which supplies advanced gear to defence forces in the US, Europe and Australia, will put LIS cells through their paces for performance and safety. The two plan to explore how Li-S tech could be integrated into military systems.
And, Dateline Resources (ASX:DTR) boss Stephen Baghdadi tipped in $1.06 million by exercising his options on the stock, lifting his stake to almost 13%. Shares were up 5%.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for June 25 :
Code Name Price % Change Volume Market Cap
AUK Aumake Limited 0.002 -33% 16,655 $9,070,076
JAY Jayride Group 0.001 -33% 10 $2,141,834
RAN Range International 0.001 -33% 2,836,500 $1,408,935
HLX Helix Resources 0.002 -25% 2,525,000 $6,728,387
PV1 Provaris Energy Ltd 0.014 -21% 1,849,161 $11,866,022
OLH Oldfields Holdings 0.020 -20% 40,500 $5,326,478
EAT Entertainment 0.004 -20% 54,200 $6,543,930
FIN FIN Resources Ltd 0.004 -20% 199,998 $3,474,442
KPO Kalina Power Limited 0.004 -20% 6,554,734 $14,664,978
MEL Metgasco Ltd 0.002 -20% 179,775 $4,581,467
EWC Energy World Corpor. 0.021 -19% 4,422,520 $80,051,952
14D 1414 Degrees Limited 0.014 -18% 472,948 $4,892,243
VRL Verity Resources 0.019 -17% 2,383,681 $6,426,740
AUR Auris Minerals Ltd 0.005 -17% 84,413 $2,859,756
JAV Javelin Minerals Ltd 0.003 -17% 147,000 $18,378,447
LML Lincoln Minerals 0.005 -17% 5,371,284 $12,615,418
X2M X2M Connect Limited 0.022 -15% 2,228,843 $10,092,728
LMG Latrobe Magnesium 0.009 -15% 2,076,872 $26,265,900
ODE Odessa Minerals Ltd 0.006 -14% 1,540,131 $11,196,728
RDS Redstone Resources 0.003 -14% 720,000 $3,619,936
MPR Mpower Group Limited 0.007 -13% 133,000 $2,749,626
IRX Inhalerx Limited 0.042 -13% 100,000 $10,245,515
ZNC Zenith Minerals Ltd 0.036 -12% 23,448 $16,883,748
IVX Invion Ltd 0.110 -12% 79,218 $10,591,082
LAT Latitude 66 Limited 0.022 -12% 273,154 $3,585,018
IN CASE YOU MISSED IT
A recent research report has given Belararox (ASX:BRX) a target share price of 44 cents and market cap of $60m based on its copper projects.
Besra Gold (ASX:BEZ) continues to de-risk key workstreams required to complete the bankable feasibility study for its Jugan project within the Bau gold field in Sarawak, Malaysia.
ADX Energy's (ASX:ADX) focus on testing shallow gas prospects in Austria has led Auctus Advisors to maintain its 30c price target.
Core Energy Minerals (ASX:CR3) will drill an initial 50 aircore holes at its Cummins uranium project in South Australia, with scope to expand to up to 120 holes under approved permits.
Legacy Minerals (ASX:LGM) has welcomed the start of drilling at the Glenlogan project joint venture with S2 Resources on the hunt for a copper-gold porphyry target.
Astute Metals' (ASX:ASE) drilling has returned consistently high-grade lithium intersections at its Red Mountain project in Nevada.
Brightstar Resources (ASX:BTR) has signed a MoU with Paddington Gold to purchase ore from its Menzies gold project in WA.
LAST ORDERS
Pursuit Minerals (ASX:PUR) is $300,000 richer after finalising the sale of its Commando and Warrior projects in WA to Kurnalpi Gold Pty Ltd, a privately held company. PUR has now divested 100% of its legal and beneficial interests in the tenements.
Norfolk Metals (ASX:NFL) is anticipating a busy second half of 2025 at the Carmen copper project, having established an operations camp to house its ground teams just an hour away from the site.
NFL has ambitions to prove-up a shallow copper oxide resource of large enough size to develop a low-cost, high-margin, value-accretive heap leaching operation producing copper cathode at the mine gate.
Trigg Minerals (ASX:TMG) has welcomed US executive Ben Harris as US Defence and Armaments Advisor to support Trigg's strategy to become a secure, domestic supplier of the critical mineral antimony.
With more than 35 years' experience in the US defence and government sectors, Harris will support TMG's efforts to align the Antimony Canyon project in Utah with US national security and federal procurement priorities.
At Stockhead, we tell it like it is. While Pursuit Minerals, Norfolk Metals and Trigg Minerals are Stockhead advertisers, they did not sponsor this article.
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