Join our daily newsletter At The Bell to receive exclusive market insights
The ASX 200 climbed around +1% higher in intra-day trade.
Virgin Australia (ASX:VGN) is back on the boards and traded up to 10% higher than its IPO price of $2.90 per share.
Financials, Materials, and IT were the strongest performing sectors – all up more than 1.5% in afternoon trade.
In the Green
Rio Tinto (ASX:RIO) was up after it and Hancock Prospecting confirmed they would be investing a total of $1.6 billion to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region.
Also gaining was Collins Foods (ASX:CKF) after reporting strong results for the financial year ended April 27. Group revenue rose 2.1%, to a record $1.52 billion, driven by solid growth in KFC Australia, partially offset by weakness in Europe.
And, Vulcan Energy Resources (ASX:VUL) rose after inking a long-term renewable heat offtake agreement with German municipal energy supplier EnergieSüdwest, marking a step in its Phase 1 Lionheart Project.
In the Red
Anax Metals (ASX:ANX) was in the red today after kicking off arbitration proceedings through the Singapore International Arbitration Centre. The dispute involves a convertible note arrangement.
Electro Optic Systems (ASX:EOS) dived more than -9% as investors responded to a new order for Remote Weapon Systems (RWS) worth approximately $53 million. Investors reacted to ceasefire talks in the Middle East.
And, Woodside (ASX:WDS) plummeted by -7.5% after investors dumped in response to a collapsing oil price. The oil price has continued its fall in Asian trade today.
