Lunch Wrap: Virgin’s ASX comeback lifts market mood as oil stocks slump

The ASX has climbed today after oil sank. Virgin has landed back on the bourse, Collins has surged and CBA has broken records.

Virgin landed back on the ASX boards today. Picture via Getty Images

• ASX jumps as war fears ease, and oil tanks

• Virgin lands back on ASX after $685m IPO

• Collins rockets, TWE pops, CBA breaks records

The ASX came out swinging on Tuesday, jumping 1% by lunch time in the east as traders piled back into risk.

Although energy stocks were whacked after crude prices plummeted 9% overnight, the rest of the ASX market had a ripper.

The plunge in oil was triggered after Iran’s retaliation to US strikes appeared to be all puff.

The missile barrage in Iraq and Qatar didn’t hit oil infrastructure, and the Strait of Hormuz wasn't blocked.

Trump immediately declared a “complete and total ceasefire” between Iran and Israel, even if Iran later said, “eh, not quite”.

Either way, it was enough for the ASX, Asian stock markets and US futures to rip higher this morning.

Not surprisingly, though, local energy names felt the pinch. Woodside Energy Group (ASX:WDS) tumbled 7.5%, and Santos (ASX:STO) dipped 1.5%.

But elsewhere, Commonwealth Bank (ASX:CBA) hit another intraday record, cracking $188.36 after topping its own Monday high.

Over in the mining pits, Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) gained nearly 3% each.

Tech darlings were also in the winners’ circle, with WiseTech Global (ASX:WTC) climbing 4%, and NextDC (ASX:NXT) up by 2%.

Source: Market Index

In other large caps news, Treasury Wine Estates (ASX:TWE) put a grin on investor faces, rising as much as 6% after reaffirming earnings guidance and hinting at a 5% share buyback.

Penfolds growth might slow next year, but TWE said it was still betting big on luxury wines, Asia and a fancy new premium division called Treasury Collective.

And Collins Foods (ASX:CKF) absolutely exploded, up 18% despite reporting an 88.5% plunge in statutory net profit.

The market seems to think the worst is over for Collins. Same-store sales are picking up, interest rates are starting to ease, and the company is still dishing out a 15c fully franked dividend.

But, here’s the main event today: Virgin Australia (ASX:VGN) has finally touched back down on the ASX runway.

Virgin’s shares opened at $3.15, up around 8% on its IPO price.

After raising $685 million in a heavily oversubscribed IPO, Virgin is back on the boards, five years after it crashed into administration and delisted with $7 billion in debt.

Bain Capital did the heavy lifting, turning the airline into a leaner mid-market player. Qatar Airways is still in with its 23% stake.

The timing’s not bad, too. Domestic travel’s picking up, the ASX is in decent form, and oil prices are doing a nosedive today.

Even Qantas (ASX:QAN) shares jumped 3.5% this morning on the oil news.

Investors are also hoping Virgin’s re-listing might finally break the post-Covid IPO drought and get some fresh names flying onto the ASX.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 24 :

Security	Description	Last	%	Volume	MktCap
GBZ	GBM Rsources Ltd	0.013	117%	43,344,251	$7,026,420
OLY	Olympio Metals Ltd	0.080	86%	1,702,245	$3,786,894
AXP	AXP Energy Ltd	0.002	50%	5,007,393	$6,684,681
JAY	Jayride Group	0.002	50%	300,001	$1,427,889
MEL	Metgasco Ltd	0.003	50%	100,000	$3,665,173
SRL	Sunrise	0.950	46%	840,166	$71,647,874
OLH	Oldfields Holdings	0.021	31%	153,166	$3,408,946
LOC	Locatetechnologies	0.175	30%	2,693,178	$30,865,953
RML	Resolution Minerals	0.050	25%	28,921,673	$26,325,061
AAU	Antilles Gold Ltd	0.005	25%	2,763,007	$9,505,472
OVT	Ovanti Limited	0.003	25%	2,268,516	$6,011,030
SRJ	SRJ Technologies	0.005	25%	3,515,049	$2,422,312
TMK	TMK Energy Limited	0.003	25%	7,209,330	$20,444,766
VML	Vital Metals Limited	0.003	25%	5,118,290	$11,790,134
ICR	Intelicare Holdings	0.006	20%	1,083,166	$2,430,941
KME	Kip McGrath Edu.Cntr	0.500	19%	209,810	$23,901,019
CLG	Close Loop	0.025	19%	4,659,180	$11,168,847
LMG	Latrobe Magnesium	0.010	19%	4,674,674	$21,012,720
CKF	Collins Foods Ltd	8.510	17%	2,023,315	$855,828,496
RPG	Raptis Group Limited	0.041	17%	240,770	$12,273,970
AX8	Accelerate Resources	0.007	17%	950,236	$4,903,132
EXL	Elixinol Wellness	0.014	17%	40,041	$2,752,699
FAU	First Au Ltd	0.004	17%	5,654	$6,215,980
ID8	Identitii Limited	0.007	17%	530,000	$4,668,081
LU7	Lithium Universe Ltd	0.007	17%	371,510	$4,715,878

GBM Resources (ASX:GBZ) is raising $13 million through a placement to wipe out debt and ramp up exploration at its Twin Hills and Yandan gold projects in Queensland’s Drummond Basin. It’s bringing in heavyweight Ian Middlemas as chairman, along with Peter Fox and Robert Behets as new directors, as part of a broader board reshuffle.

The raise clears all $6.2 million in convertible notes and ends a previous farm-in deal with Wise Walkers, who’ll now join the register with a 20% stake. With zero debt and 1.84Moz in JORC gold resources, GBM says it's ready to go hard on drilling and unlock more gold across its 100%-owned tenements.

Olympio Metals (ASX:OLY) has struck visible gold in the very first drillhole at its maiden program in Quebec’s Bousquet gold project, hitting a nine-metre mineralised zone at the Paquin prospect from 183 metres down.

The gold sits in smoky quartz veining loaded with sulphides and strong alteration, with more promising geology logged down to 286 metres. It’s a strong start for a project located along the Cadillac Break, one of Canada’s top-tier gold belts, and assays from the hole are due mid-July.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 24 :

Code	Name	Price	% Change	Volume	Market Cap
ERA	Energy Resources	0.002	-33%	5,870,740	$1,216,188,722
GMN	Gold Mountain Ltd	0.001	-33%	86,623,800	$8,429,639
HLX	Helix Resources	0.001	-33%	2,000,000	$5,046,291
JAV	Javelin Minerals Ltd	0.002	-33%	2,670,345	$18,378,447
ANX	Anax Metals Ltd	0.005	-29%	16,845,063	$6,179,653
AMS	Atomos	0.003	-25%	5,490,704	$4,860,074
HCD	Hydrocarbon Dynamics	0.002	-25%	2,185	$2,156,219
CUL	Cullen Resources	0.004	-20%	1,366,467	$3,467,009
EE1	Earths Energy Ltd	0.004	-20%	808,300	$2,649,821
MEM	Memphasys Ltd	0.004	-20%	125,000	$9,917,991
RLG	Roolife Group Ltd	0.004	-20%	60,000	$7,963,906
BEL	Bentley Capital Ltd	0.009	-18%	31,765	$837,407
BRU	Buru Energy	0.025	-17%	4,475,430	$23,382,288
AN1	Anagenics Limited	0.005	-17%	8,940,000	$2,977,922
CYQ	Cycliq Group Ltd	0.003	-17%	233,333	$1,381,550
DGR	DGR Global Ltd	0.005	-17%	2,153,600	$6,262,176
GLL	Galilee Energy Ltd	0.005	-17%	424,500	$4,243,157
SHP	South Harz Potash	0.003	-17%	214,146	$3,308,186
TEG	Triangle Energy Ltd	0.003	-17%	3,446,596	$6,267,702
GRV	Greenvale Energy Ltd	0.031	-16%	195,148	$20,141,814
DME	Dome Gold Mines Ltd	0.160	-16%	3	$79,159,949
HHR	Hartshead Resources	0.006	-14%	140,000	$19,660,775
ODE	Odessa Minerals Ltd	0.006	-14%	321,578	$11,196,728
CTN	Catalina Resources	0.004	-13%	157,760	$9,704,076
ENV	Enova Mining Limited	0.007	-13%	420,089	$11,660,801

IN CASE YOU MISSED IT

Having encountered a substantial amount of supergene gold at the Gidji joint venture project, Miramar Resources (ASX:M2R) is launching a sub-audio magnetic survey in a bid to find the source.

X2M Connect (ASX:X2M) has secured a $3 million public safety contract with the City of Seoul in South Korea for its smart personal safety devices.

Sierra Nevada Gold (ASX:SNX) has returned high-grade gold from sampling at four historic tailings dams at its New Pass project in Nevada, USA.

Magnetic Resources (ASX:MAU) has boosted contained gold resources at its Lady Julie project in WA’s Laverton region by ~22% to 2.14Moz just days after signing a key native title agreement.

LAST ORDERS

Sovereign Metals’ (ASX:SVM) conservation farming program in Malawi has drastically increased crop yields for local farmers, achieving four times the traditional yield and up to 10 times for the top performing farmer.

SVM launched its conservation farming program as part of the development of the nearby Kasiya rutile and graphite project in 2024. An additional 260 farmers have joined since the original 90 trained with the program the previous planting season.

Titanium Sands (ASX:TSL) executives have come away from a conference with the Ministry of Finance, Planning and Economic Development, and similar stakeholders in Sri Lanka with a firm belief the government is supportive of a heavy mineral industry.

The company presented its view on frustrations and delays the project had encountered while focusing on solutions and where the Ministry could streamline the approvals process.

At Stockhead, we tell it like it is. While Sovereign Metals and Titanium Sands 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: Virgin’s ASX comeback lifts market mood as oil stocks slump