Lunch Wrap: ASX loses fizz as soft CPI lifts banks; DroneShield soars on record deal

The ASX fizzled after a fast start, with banks up on soft CPI, miners down on iron ore and DroneShield rocketing on a record deal.

The ASX's bright start was flattened by lunch time. Pic via Getty Images

• 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%.

Source: Market Index

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.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Lunch Wrap: ASX loses fizz as soft CPI lifts banks; DroneShield soars on record deal