SYDNEY — Defence technology company DroneShield Ltd led the S&P/ASX 200’s biggest gainers on Wednesday, surging 19.33% to close at A$4.26 as investors piled into counter-drone and resources names amid ongoing uncertainty from the US-Iran conflict and broader commodity movements.

The benchmark index recovered strongly, rising 1.85% to close at 8,534.3 points after earlier weakness tied to oil price volatility and global risk sentiment. While the broader market showed mixed performance, select stocks in defence, nuclear technology and critical minerals posted double-digit gains, reflecting themes of geopolitical hedging and supply chain security.

Here are the five biggest percentage gainers among ASX 200 constituents on March 25, 2026, based on closing prices and trading data:

1. DroneShield Ltd (ASX: DRO) — Shares exploded 19.33% higher to A$4.26. The counter-drone specialist benefited from heightened global security concerns and potential increased demand for its systems amid Middle East tensions. Trading volume was robust, with the stock attracting strong retail and institutional interest as investors sought exposure to defence technology plays.

2. Silex Systems Ltd (ASX: SLX) — The nuclear technology and enrichment company jumped 13.50% to A$5.55. Silex has been linked to advanced uranium processing capabilities, drawing attention as energy security and alternative fuel sources gain focus amid oil market disruptions. The stock has been volatile but found support from positive sector sentiment.

3. Vulcan Energy Resources Ltd (ASX: VUL) — Lithium and geothermal energy developer Vulcan rose 11.90% to A$3.29. The company’s zero-carbon lithium extraction projects in Europe and Australia appealed to investors betting on long-term critical minerals demand, even as short-term oil shocks dominated headlines.

4. Liontown Ltd (ASX: LTR) — The lithium miner gained 11.61% to A$1.73. Liontown’s Kathleen Valley project in Western Australia continues to progress, and the stock benefited from renewed interest in battery metals amid expectations of sustained electric vehicle and energy storage growth despite near-term economic headwinds.

5. Bellevue Gold Ltd (ASX: BGL) — Gold producer Bellevue climbed 11.07% to A$1.41. Safe-haven demand for gold provided some support, though the stock’s strong move also reflected company-specific developments and broader resources sector rotation on the day.

The session highlighted a clear rotation into defence and select resources names. DroneShield’s outsized gain stood out, with analysts noting the company’s technology could see increased adoption as nations bolster defences against drone threats in unstable regions. The stock has been a strong performer in recent months but remains volatile given its smaller size and sector exposure.

Silex Systems and Vulcan Energy underscored ongoing interest in energy transition and security themes. While the immediate focus remains on oil and traditional energy prices, longer-term bets on nuclear, lithium and critical minerals continued to attract capital. Liontown and Bellevue added to the resources flavour, with gold providing some defensive characteristics amid uncertainty.

Broader market context showed the ASX 200 rebounding from recent pressure linked to the Middle East conflict. Oil price volatility had weighed on sentiment earlier in the week, but signs of potential diplomatic progress or contained escalation helped lift risk appetite on Wednesday. Materials and industrials sectors outperformed, while financials and consumer stocks were more mixed.

Trading volume across the ASX 200 was solid, reflecting active participation from both institutional and retail investors. Defence and technology-related names saw particularly elevated turnover as traders repositioned portfolios in response to geopolitical developments.

For investors, the day’s movers illustrate how specific sectors can decouple from broader indices during periods of uncertainty. Defence stocks like DroneShield often rally on heightened global tensions, while resources companies can benefit from both commodity price swings and long-term thematic investing in energy transition.

Analysts caution that single-day moves can be volatile and driven by short-term catalysts rather than fundamental shifts. DroneShield, for instance, has a history of sharp swings tied to contract news or sector sentiment. Similarly, lithium and gold stocks remain sensitive to global economic outlooks, interest rates and supply-demand dynamics.

Looking ahead, attention will turn to further developments in the Middle East and any impact on commodity prices. A prolonged conflict could sustain volatility across resources and defence sectors, while a quick resolution might see profit-taking in recently strong names.

Australian investors should consider portfolio diversification and risk tolerance when evaluating these high-performing stocks. Many of the day’s top gainers carry higher volatility than the broader index, making them suitable for those comfortable with short-term price swings.

The ASX 200’s performance on March 25 provided a welcome lift after recent pressure, but underlying uncertainties from global events mean caution remains warranted. As always, past performance is no guarantee of future results, and investors are advised to conduct their own research or consult professional advisers.