ASX Lunch Wrap: ASX takes another big hit as Bitcoin trades below US$97k

ASX falls further as Fed’s cautious outlook weighs
Bitcoin drops below US$97k, gold miners also hit
Wesfarmers sells Coregas for $770 million, shares slide

The ASX extended yesterday’s 2% losses with another steep decline of about 1% on Friday morning.

The local market is still feeling the weight of the Federal Reserve’s cautious outlook, and some experts believe the risk-off sentiment is likely to continue for the short term.

“The prospect of no further rate cuts in early 2025 means that portfolio adjustments are critical to navigate this shifting environment,” said de Vere Group’s Nigel Green.

The Bank of England, however, held its ground overnight, leaving its benchmark interest rate unchanged at 4.75%.

Wall Street, meanwhile, initially traded downward, but staged a late recovery to finish more or less flat.

Bitcoin fell to under US$97k this morning as the Fed’s outlook hurt risky assets.

On the ASX, the biggest losers were the retailers and the big banks. Gold miners also saw losses.

In the large caps space, Meridian (ASX:MEZ) fell almost 1% despite a $660 million joint venture with Nova to build the Te Rahui solar farm in NZ, which will power 100,000 homes and is set to make a final investment decision in early 2025.

Wesfarmers (ASX:WES) announced that it will sell its Coregas business to Japan’s Nippon Sanso for $770 million. Wesfarmers expects a pre-tax profit on the sale, ranging from $230 million to $260 million, but shares slid almost 3%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for December 20 [intraday]:

Security	Description	Last	%	Volume	MktCap
WBE	Whitebark Energy	0.011	57%	19,479,491	$1,766,334
PKO	Peako Limited	0.003	50%	166,667	$2,190,283
QHL	Quickstep Holdings	0.555	41%	1,294,523	$28,331,855
ABX	ABX Group Limited	0.045	29%	316,503	$8,760,270
IFG	Infocusgroup Hldltd	0.023	28%	1,028,383	$2,824,368
MNC	Merino and Co	0.415	26%	26,348	$17,515,268
ZMM	Zimi Ltd	0.015	25%	1,855	$4,643,329
CDT	Castle Minerals	0.003	25%	503,275	$3,345,628
HCT	Holista CollTech Ltd	0.010	25%	160,000	$2,286,134
MMR	Mec Resources	0.005	25%	760,893	$7,327,228
MTB	Mount Burgess Mining	0.005	25%	62,500	$1,358,150
PRM	Prominence Energy	0.005	25%	6,501	$1,556,706
TSL	Titanium Sands Ltd	0.005	25%	21,400	$8,846,989
CYB	Aucyber Limited	0.125	22%	69,391	$16,765,244
BCB	Bowen Coal Limited	0.006	20%	916,605	$53,875,163
RLL	Rapid Lithium Ltd	0.006	20%	440,000	$3,660,554
AAU	Antilles Gold Ltd	0.004	17%	600,000	$5,573,628
CHM	Chimeric Therapeutic	0.007	17%	1,300,000	$9,450,899
IXR	Ionic Rare Earths	0.007	17%	609,257	$30,714,291
OSL	Oncosil Medical	0.007	17%	90,000	$27,639,481
STM	Sunstone Metals Ltd	0.007	17%	322,864	$30,899,422

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Whitebark Energy (ASX:WBE) has agreed to acquire King Energy, gaining control of one of Australia’s largest prospective hydrogen, helium and hydrocarbon projects in South Australia. The company said the Alinya project, in the Officer Basin, holds vast potential, with estimates of 710 million kilograms of white hydrogen, 97 Bcf of helium, and 153 million barrels of oil equivalent. Whitebark will issue 100 million shares and options to King shareholders in a deal valued at around $1.67 million.

Aerospace tech company Quickstep Holdings (ASX:QHL) has struck a deal with ASDAM to be acquired for $0.575 per share, a premium of up to 195% on recent trading prices. The board is fully behind the deal, believing it offers strong value and stability for shareholders, provided no better offers come along.

Rapid Lithium (ASX:RLL) has signed a binding agreement to acquire the Prophet River Gallium-Germanium project in BC, Canada, covering 2,110 hectares, including the Cay Mine. With high grades of zinc, gallium, and germanium, the project is seen as strategic, especially with rising prices and China’s export bans. Rapid will pay CAD$130k and issue shares and options on completion.

ABx Group (ASX:ABX) is raising $1.8 million through the issue of 1.8 million convertible notes, with the funds aimed at advancing its Deep Leads Rare Earths Project and ALCORE fluorine recycling plant. The placement, backed by existing shareholders, will be conducted in two tranches, with directors contributing $230k. Investors will also receive unlisted options if shareholder approval is granted, with a 12% annual coupon on the notes.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for December 20 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
JAY	Jayride Group	0.003	-40%	5,030,651	$1,192,895
ERA	Energy Resources	0.002	-33%	1,610,918	$1,216,188,722
LNR	Lanthanein Resources	0.002	-33%	100,000	$7,330,908
TIG	Tigers Realm Coal	0.002	-33%	27,777	$39,200,107
VML	Vital Metals Limited	0.002	-33%	30,000	$17,685,201
AMD	Arrow Minerals	0.002	-25%	4,617,232	$26,447,256
CTO	Citigold Corp Ltd	0.003	-25%	625,000	$12,000,000
NRZ	Neurizer Ltd	0.002	-25%	10,005,324	$5,929,721
CSS	Clean Seas Ltd	0.095	-24%	575,884	$25,164,160
MDR	Medadvisor Limited	0.220	-19%	1,382,403	$149,010,472
MSB	Mesoblast Limited	2.495	-18%	18,640,187	$3,482,441,548
PAT	Patriot Lithium	0.037	-18%	125,000	$5,688,808
ARV	Artemis Resources	0.008	-17%	1,844,979	$17,251,942
CTN	Catalina Resources	0.003	-17%	173,444	$3,731,286
IXU	Ixup Limited	0.010	-17%	140,220	$24,191,831
RMI	Resource Mining Corp	0.005	-17%	1,561,967	$3,914,087
AJX	Alexium Int Group	0.011	-15%	49,257	$20,494,648
WYX	Western Yilgarn NL	0.022	-15%	115,983	$3,219,048
LAT	Latitude 66 Limited	0.047	-15%	205,428	$7,887,039
ADN	Andromeda Metals Ltd	0.006	-14%	8,697	$24,001,094
ALY	Alchemy Resource Ltd	0.006	-14%	200,000	$8,246,534
ATH	Alterity Therap Ltd	0.006	-14%	380,440	$37,242,353
PXX	Polarx Limited	0.006	-14%	750,000	$16,628,507