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Highlights:

  • APA Group trades lower despite announcing a higher distribution of 30 cents per share.
  • DRO shares fall 6.5% YoY amid profit taking and investor reaction to Iran-Israel ceasefire.
  • EOS share price declines 9% YoY following reduced investor expectations after recent defence order.

The S&P/ASX 200 Index was trading higher in afternoon trade on June 24, 2025, rising 0.95% to 8,555.1 points. However, not all listed companies mirrored the broader market’s upward momentum. Shares in APA Group, DroneShield Ltd, and Electro Optic Systems Holdings Ltd (EOS) registered declines amid recent geopolitical developments.

APA Group (ASX:APA) owns and operates energy infrastructure across Australia, including natural gas pipelines, electricity interconnectors, and renewable generation assets. It also provides gas transportation, storage, and processing services to utilities and major industrial customers.

Energy infrastructure provider APA Group saw its share price dip 1.5% YoY  to AUD 8.55 despite announcing a 30 cents per share distribution for the second half of FY25. This payout represents a 1.7% YoY increase compared to the same period in FY24.

While the update confirms the company’s intent to maintain steady income distributions, the decline in APA’s share price appears unrelated to the announcement. Analysts suggest that APA’s reputation as a defensive investment option may be contributing to the fall, as global geopolitical risk appears to have eased. 

DroneShield Ltd (ASX:DRO) develops and supplies counter-drone systems, radar, and communication disruption technologies for use by defense, government, and commercial clients. Its solutions address threats posed by unauthorized drone activities and electronic warfare environments

The shares in DroneShield declined 6.5% YoY to AUD 1.71 amid reports of a ceasefire between Iran and Israel, which could impact perceived demand for defence technologies. DroneShield specializes in counter-drone and electronic warfare solutions, and investors may be reassessing near-term revenue prospects following the easing of tensions in the Middle East.

DroneShield shares remain up more than 120% YoY.

Electro Optic Systems Holdings Ltd (ASX:EOS) designs and manufactures advanced defence systems including remote weapon stations, space communications, and surveillance technologies. The company serves military and aerospace clients globally, with a focus on integrating weapon, optical, and control technologies.

Electro Optic Systems fell 9% YoY to AUD 2.37, extending a reversal from recent highs. Similar to DroneShield, the company’s performance had benefited from increased focus on global defence orders. One of the recent catalysts was a USD 53 million order for its Slinger Counter-Drone Remote Weapon Systems (RWS), which are configured for naval deployment.

 EOS had experienced a run-up in its share price partly on assumptions that demand for its defence solutions would continue to accelerate, particularly in the context of extended regional conflicts.