Virgin Australia shares surge 8.3% on trading debut
SYDNEY: Virgin Australia shares opened 8.3% higher on Tuesday after raising A$685 million ($439 million) in an initial public offering, a transaction dealmakers hope will revive a flat-lining listings market.
The airline sold 236.2 million shares at A$2.90 each, valuing it at A$2.32 billion on a fully diluted basis.
Shares rally, oil slumps as Trump announces Iran-Israel ceasefire
The stock began trading at A$3.14, outpacing a 1.2% gain in the Australian benchmark S&P/ASX200.
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Business Recorder
2 hours ago
- Business Recorder
Oil tumbles about 5% after Israel agrees to Trump's proposal on ceasefire
SINGAPORE: Oil prices hit their lowest in two weeks on Tuesday after Israel agreed to US President Donald Trump's proposal for a ceasefire with Iran, alleviating worries of supply disruptions in the Middle East - a major oil-producing region. Brent crude futures were down $3.82, or 5.3%, at $67.66 a barrel at 0645 GMT. U.S. West Texas Intermediate crude fell $3.75, or 5.5%, to $64.76 per barrel. Israel has agreed to Trump's proposal for a ceasefire with Iran after it achieved its goal of removing Tehran's nuclear and ballistic missile threat, Prime Minister Benjamin Netanyahu said in a statement posted by his office on Tuesday. Trump had announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict. 'If the ceasefire is followed as announced, investors might expect the return to normalcy in oil,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Moving forward, the extent to which Israel and Iran adhere to the recently announced ceasefire conditions will play a significant role in determining oil prices,' Sachdeva said. Oil falls 6pc Trump said that a 'complete and total' ceasefire will go into force with a view to ending the conflict between the two nations. 'With the ceasefire news we are now seeing a continuation of the risk premium built into crude oil price last week all but evaporate,' said Tony Sycamore, analyst at IG. Iran is OPEC's third-largest crude producer, and the easing of tensions would allow it to export more oil and prevent supply disruptions, a major factor in oil prices jumping in recent days. Both the oil contracts settled over 7% lower in the previous session after rallying to five-month highs after the U.S. attacked Iran's nuclear facilities over the weekend, stoking fears of a broadening in the Israel-Iran conflict. The direct U.S. involvement in the war had also focused investor squarely on the Strait of Hormuz, a narrow and vital waterway between Iran and Oman in the Mideast Gulf through which between 18 and 19 million barrels per day of crude oil and fuels flow, nearly a fifth of the world's consumption. Concerns were growing that any disruption to maritime activity through the strait would catapult prices, possibly into three-digit territory. For now, however, traders were catching their breath from the recent oil price spike. 'Technically, the overnight sell-off reinforces a layer of resistance between approximately $78.40 (October 2024 and June 2025 highs) and $80.77 (the year-to-date high), and it's clear that it will take something extremely unexpected and detrimental to supply for crude oil to break through this layer of resistance,' Sycamore added.
Business Recorder
3 hours ago
- Business Recorder
KSE-100 surges nearly 5,900 points as ceasefire hopes drive rally
Buying spree returned to the Pakistan Stock Exchange (PSX) as investors rejoiced after US President Donald Trump said Iran and Israel had agreed to a ceasefire, with the benchmark KSE-100 Index gaining nearly 5,900 points during the intra-day trading on Tuesday. At 11:30am, the benchmark index was hovering at 122,045.62 level, an increase of 5,878.15 points or 5.06%. Across-the-board buying was observed in key sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including HUBCO, ARL, SSGC, PSO, MARI, OGDC, PPL, POL, UBL and HBL traded in the green. 'The ceasefire announcement and a 3-4% drop in international oil prices are driving the buying rally at the bourse,' said Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told Business Recorder. 'The market believes the geopolitical situation will now come under control,' she added. Intense selling pressure gripped the PSX on Monday amid escalating geopolitical tensions following a US attack on Iran, with the benchmark KSE-100 settling with a loss of nearly 3,900 points. At close, the KSE-100 Index settled at 116,167.47 level, a decrease of 3,855.77 points or 3.21%. Internationally, global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Oil prices fell over 3%, having already slid 9% on Monday when Iran made a token retaliation against a US base, which came to nothing and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.15 per barrel, the lowest since June 11. Risk assets rallied, with S&P 500 futures up 0.6% and Nasdaq futures 0.9% higher. EUROSTOXX 50 futures jumped 1.3% and FTSE futures rose 0.4%. The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.8% while Japan's Nikkei rallied 1.4%. This is an intra-day update
Business Recorder
3 hours ago
- Business Recorder
Oil tumbles to over one-week lows as Trump announces Israel-Iran ceasefire
SINGAPORE: Oil prices fell sharply to their lowest in more than a week on Tuesday as US President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East - a major oil-producing region. Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11. US West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session. Trump announced on Monday that Israel and Iran have fully agreed to a ceasefire, adding that Iran will begin the ceasefire immediately, followed by Israel after 12 hours. If both sides maintain peace, the war will officially end after 24 hours, concluding a 12-day conflict. 'If the ceasefire is followed as announced, investors might expect the return to normalcy in oil,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. 'Moving forward, the extent to which Israel and Iran adhere to the recently announced ceasefire conditions will play a significant role in determining oil prices,' Sachdeva said. Trump said that a 'complete and total' ceasefire will go into force with a view to ending the conflict between the two nations. 'With the ceasefire news we are now seeing a continuation of the risk premium built into crude oil price last week all but evaporate,' said Tony Sycamore, analyst at IG. Oil falls 6pc Iran is OPEC's third-largest crude producer, and the easing of tensions would allow it to export more oil and prevent supply disruptions, a major factor in oil prices jumping in recent days. Both the oil contracts settled over 7% lower in the previous session after rallying to five-month-highs after the US attacked Iran's nuclear facilities over the weekend, stoking fears of a broadening in the Israel-Iran conflict. The direct US involvement in the war had also focused investor squarely on the Strait of Hormuz, a narrow and vital waterway between Iran and Oman in the Mideast Gulf through which between 18 and 19 million barrels per day of crude oil and fuels flow, nearly a fifth of the world's consumption. Concerns were growing that any disruption to maritime activity through the strait would catapult prices, possibly into three-digit territory. For now, however, traders were catching their breath from the recent oil price spike. 'Technically, the overnight sell-off reinforces a layer of resistance between approximately $78.40 (October 2024 and June 2025 highs) and $80.77 (the year-to-date high), and it's clear that it will take something extremely unexpected and detrimental to supply for crude oil to break through this layer of resistance,' Sycamore added.
