Lunch Wrap: Rate cut back on menu as CPI cools; real estate stocks surge

The ASX has risen so far on Wednesday on cooling inflation, while real estate climbs and DroneShield soars on record sales.

ASX climbs on cool CPI. Picture via Getty Images

• ASX lifts as CPI cools, banks and landlords grin

• IGO tanks, MinRes and Pilbara cash up

• DroneShield soars after smashing revenue

The ASX was inching up by 0.7% by Wednesday lunchtime in the eastern states.

Setting the pace were real estate and the big banks, both basking in the afterglow of some surprisingly tame inflation data.

Turns out, consumer prices across Australia aren’t rising as fast as the RBA feared.

According to the ABS this morning, the CPI rose just 0.7% over the June quarter, down from 0.9% in March. That dragged annual inflation down to 2.1%, comfortably under the market’s 2.2% forecast.

This is a big deal.

Remember, the RBA left everyone scratching their heads earlier this month when it didn’t cut interest rates.

Governor Michele Bullock said she wanted to see the CPI data first, like a diner sniffing the stew before digging in.

Well, the numbers are in, and they smell like rate-cut seasoning.

With unemployment ticking up to 4.3% in May and inflation drifting back within the RBA’s 2-3% comfort zone, economists reckon an August rate cut is back on the menu.

Futures markets are already pricing one in.

Lower rates also mean cheaper mortgages and more elbow room for landlords, hence why they’re leading today’s charge.

Source: Market Index

In large cap news, IGO (ASX:IGO) plunged 9% after revealing its Kwinana lithium refinery was still acting more like a lemon than a lithium play.

Production came in at just 35% of nameplate capacity, and another impairment, this one between $70 million and $90 million, is now expected.

CEO Ivan Vella pulled no punches, saying IGO had “low confidence” in the site’s ability to get its act together.

Mineral Resources (ASX:MIN) rose 3% after meeting production and cost guidance across the board. Its Onslow Iron JV turned cash flow positive, and MinRes closed the quarter with a juicy $1.1 billion in liquidity.

Pilbara Minerals (ASX:PLS) also gained 1% after flagging higher output and lower costs in FY26. It’s sitting on a $1 billion cash pile and managed a 28% revenue jump last quarter.

Still in large caps and in one of the more dramatic turnarounds, counter-drone tech firm DroneShield (ASX:DRO) posted a record $38.8 million in revenue for the June quarter, up a whopping 480% year-on-year.

DRO has $176 million already locked in for 2025, and a sales pipeline bursting with $2.3 billion worth of opportunities. DRO's shares surged 9%.

And... Air New Zealand (ASX:AIZ) has found its next CEO, promoting chief digital officer Nikhil Ravishankar to the top job.

He will replace Greg Foran in October, bringing a background in tech, infrastructure, and, according to the board, a “fresh perspective grounded in Kiwi values”.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for July 30 :

Security	Description	Last	%	Volume	MktCap
OLI	Oliver'S Real Food	0.010	100%	6,705,197	$2,703,660
BSA	BSA Limited	0.125	39%	9,179,570	$6,777,023
MX1	Micro-X Limited	0.083	34%	1,577,987	$41,366,540
SFG	Seafarms Group Ltd	0.002	33%	583,466	$7,254,899
IS3	I Synergy Group Ltd	0.012	33%	2,502,653	$15,356,699
PIM	Pinnacleminerals	0.052	30%	1,332,998	$1,818,533
SP3	Specturltd	0.015	25%	4,097,386	$3,802,801
BUY	Bounty Oil & Gas NL	0.003	25%	172,811	$3,122,944
ECT	Env Clean Tech Ltd.	0.003	25%	4,252,072	$8,030,871
MOH	Moho Resources	0.005	25%	888,795	$2,981,656
TMK	TMK Energy Limited	0.003	25%	362,333	$20,444,766
IMI	Infinitymining	0.011	22%	1,157,816	$3,807,142
X2M	X2M Connect Limited	0.017	21%	630,275	$6,090,796
REM	Remsensetechnologies	0.040	21%	150,580	$5,518,722
AAU	Antilles Gold Ltd	0.006	20%	3,108,381	$11,895,340
CUF	Cufe Ltd	0.012	20%	4,636,229	$13,465,749
LSR	Lodestar Minerals	0.019	19%	3,927,452	$6,361,448
KZR	Kalamazoo Resources	0.105	17%	4,101,528	$19,745,417
TYX	Tyranna Res Ltd	0.004	17%	127,750	$9,865,276
UNT	Unith Ltd	0.007	17%	49,396	$8,872,713
PPK	PPK Group Limited	0.565	15%	76,329	$44,498,124
SP8	Streamplay Studio	0.008	14%	350,000	$8,969,552
CMB	Cambium Bio Limited	0.330	14%	569	$5,301,973
SEQ	Sequoia Fin Grp Ltd	0.270	13%	1,781,964	$29,663,256

X-ray tech outfit Micro-X (ASX:MX1) has cracked the big league in the US, signing its first supply agreement with one of America’s largest healthcare providers. The deal follows a tough competitive tender and successful in-hospital trial, with the Rover Plus mobile radiology system now officially on the provider’s approved procurement list. The customer runs a massive network of 700+ hospitals and facilities, treating over 8.5 million patients a year.

Critical minerals explorer, Pinnacle Minerals (ASX:PIM), has secured firm commitments to raise $1.76 million via a placement to professional and sophisticated investors, priced at 4c per share with free-attaching options. Funds will go towards exploration across Canada and Australia, working capital, and assessing new opportunities.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for July 30 :

Code	Name	Price	% Change	Volume	Market Cap
SCP	Scalare Partners	0.125	-31%	323,167	$7,530,304
M2R	Miramar	0.003	-25%	1,330,881	$3,987,293
RLG	Roolife Group Ltd	0.003	-25%	901,930	$6,371,125
AQC	Auspaccoal Ltd	0.011	-21%	3,460,358	$9,806,546
CZN	Corazon Ltd	0.002	-20%	4,000,000	$2,961,431
JAV	Javelin Minerals Ltd	0.002	-20%	3,415,417	$15,630,562
EQS	Equitystorygroupltd	0.023	-18%	5,543	$4,670,971
WWG	Wisewaygroupltd	0.150	-17%	20,000	$30,123,575
AMS	Atomos	0.005	-17%	31,450	$7,290,111
TEG	Triangle Energy Ltd	0.003	-17%	35,535	$6,267,702
CDE	Codeifai Limited	0.022	-15%	13,622,645	$12,269,425
COY	Coppermoly Limited	0.011	-15%	92,121	$11,474,547
ENT	Enterprise Metals	0.003	-14%	150	$4,799,610
GTR	Gti Energy Ltd	0.003	-14%	2,271,683	$13,029,292
SMS	Starmineralslimited	0.025	-14%	118,888	$5,426,093
WCE	Westcoastsilver Ltd	0.130	-13%	2,843,324	$39,018,146
AXI	Axiom Properties	0.020	-13%	111,786	$9,952,414
AZL	Arizona Lithium Ltd	0.007	-13%	1,946,018	$43,042,516
SHP	South Harz Potash	0.004	-13%	150,675	$5,132,248
CBL	Control Bionics	0.035	-13%	70,000	$11,784,444
JNS	Januselectricholding	0.140	-13%	192,541	$14,386,282
ZGL	Zicom Group Limited	0.140	-13%	19,765	$34,329,601
RWD	Reward Minerals Ltd	0.042	-13%	63,808	$13,066,539

Bowen Coking Coal (ASX:BCB) has officially waved the white flag, entering voluntary administration after failing to cut a deal with its creditors and the Queensland government. BUMA wants $15 million, the QRO wouldn’t budge on royalty deferrals, and global coal prices haven’t done any favours either. It’s a rough exit for a miner that once held promise.

Star Entertainment Group (ASX:SGR) is once again reminding everyone why casinos and smooth sailing rarely go together.

Star booked a $27 million EBITDA loss in the June quarter, a slight blowout from the $24 million lost the previous quarter. Revenue was just $270 million, weighed down by ongoing struggles in NSW and the painful $500 cap on cash at the tables.

IN CASE YOU MISSED IT

Green Critical Minerals (ASX:GCM) has announced its intention to pursue a United States listing in calendar year 2026.

LAST ORDERS

Challenger Gold (ASX:CEL) says refurbishment of the Casposo toll milling plant is on track for completion by August and expects to begin processing ore in November this year under its toll milling agreement with the operator.

CEL will process a minimum of 450k tonnes of near-surface material from its Hualilan gold project over the next three years through Casposo, which has historically produced more than 323k ounces of gold.

Trek Metals (ASX:TKM) is preparing to divest the Hendeka-South Woodie Woodie manganese project to US-based Advanced Energy Fuels, Inc after the company began the process of listing to the TSX Venture Exchange.

Once listed, AEF intends to acquire Hendeka for $450k in cash and either 8 million shares or the equivalent of a 20% interest in the company. Offloading the project will allow TKM to focus on its flagship Christmas Creek gold project in WA.

Trigg Minerals (ASX:TMG) has welcomed capital markets veteran James Graf to its board as a non-executive director, with the expectation he will lead efforts to list TMG on a US exchange.

Graf currently serves as CEO of Graf Global Corp, his eighth SPAC entity. He has successfully closed SPAC transactions with Global Eagle Entertainment, Videocon d2h, Williams Scotsman, Target Hospitality, Velodyne Lidar, Crown LNG and NKGen.

At Stockhead, we tell it like it is. While Challenger Gold, Trek 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: Rate cut back on menu as CPI cools; real estate stocks surge