Closing Bell: Santa rally stalls as China’s sluggish data hit commodities; Bitcoin tops US$106k

The ASX dropped on Monday as miners and tech slid and China’s weak data impacted commodities. Meanwhile, Bitcoin hit ANOTHER record high.

Santa rally hits the brakes on the ASX. Picture via Getty Images

• ASX falls as miners and tech stocks drag down market

• China’s weak data hits commodities, retail sales miss expectation

• Bitcoin hits record high, investors eye US$150k by mid-2025

The ASX is off to a rough start this week, with miners and tech stocks leading the decline (down by 0.56% at close) on Monday.

China's lacklustre economic data sent ripples through the commodity markets, with miners bearing the brunt of the losses.

China released a flurry of data today, amongst them retail sales, which grew by just 3% in November versus consensus of 5%. 

Investment figures also fell short of expectations, though industrial output held steady thanks to strong exports. 

The worrying part is that many experts believe the impact of Beijing support may be short-lived, especially with looming tariff risks under Trump.

Elsewhere, tech stocks continue to face pressure ahead of the US Federal Reserve’s meeting on Wednesday (US time). 

This week, central banks around the world will make their last rate decisions for the year.  

The Fed is expected to lower rates by 25 basis points on Wednesday; while the Bank of England is likely to keep rates the same.

On the ASX, this is where things stood today:

Source: Market Index

Source: Market Index

Digico Infrastructure REIT (ASX:DGT), the data centre debutant on the ASX, has slipped again in its second session, with shares down 11% this morning to well below its IPO price of $5. 

HMC Capital (ASX:HMC), David Di Pilla’s firm which pulled off the listing, also fell 7%.

Still in the large caps space, Star Entertainment Group (ASX:SGR) managed to surge by 5% after the CEO of The Star Gold Coast quit, its second CEO to resign in seven months.

Meanwhile, Bitcoin surged to an all-time high today after topping the $US106k level.

“I’ve previously predicted that following Donald Trump’s inauguration, Bitcoin could surge to US$120,000,” said deVere Group’s Nigel Green.

“I now believe growing investor FOMO (fear of missing out) and increasing institutional investment can be expected to push the price to $150,000 by mid-2025.”

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
ICE	Icetana Limited	0.026	63%	10,811,128	$4,234,055
88E	88 Energy Ltd	0.002	50%	749,751	$28,933,812
MTL	Mantle Minerals Ltd	0.002	50%	3,000,000	$6,197,446
SFG	Seafarms Group Ltd	0.003	50%	1,780,034	$9,673,198
EPM	Eclipse Metals	0.005	39%	2,764,511	$8,236,280
CLE	Cyclone Metals	0.034	36%	8,141,852	$22,957,472
LNU	Linius Tech Limited	0.002	33%	2,500,000	$9,226,824
OB1	Orbminco Limited	0.002	33%	307,000	$3,249,885
ILT	Iltani Resources Lim	0.210	31%	1,373,828	$7,041,681
FHS	Freehill Mining Ltd.	0.005	25%	1,200,000	$12,314,111
WEC	White Energy Company	0.038	23%	31,266	$6,168,513
AJL	AJ Lucas Group	0.006	20%	1,317,571	$6,878,648
BCB	Bowen Coal Limited	0.006	20%	1,812,573	$50,000,163
BLZ	Blaze Minerals Ltd	0.006	20%	142,857	$6,267,791
RNX	Renegade Exploration	0.006	20%	111,905	$6,420,017
SPQ	Superior Resources	0.006	20%	3,425,999	$10,849,319
DTZ	Dotz Nano Ltd	0.105	17%	853,487	$49,062,450
ERM	Emmerson Resources	0.070	15%	1,852,663	$33,227,297
IRX	Inhalerx Limited	0.040	14%	233,880	$7,391,358
B4P	Beforepay Group	1.830	13%	214,430	$78,359,037
CMX	Chemxmaterials	0.027	13%	15,851	$3,096,536

Tech stock Icetana (ASX:ICE) has secured its first Malaysian customer in a $465,000, three-year deal with AE Security System. The contract will see Icetana’s AI security software deployed at 1 Utama, the largest shopping mall in Malaysia. The sale adds $155,000 to the company’s annual recurring revenue.

BrainChip Holdings (ASX:BRN) has announced that Frontgrade Gaisler, a provider of radiation-hardened microprocessors for space, has licensed its Akida 1.0 Neuromorphic AI IP for integration into space-grade, fault-tolerant chips. BrainChip will receive royalties from Frontgrade.

Patriot Lithium (ASX:PAT) has signed a binding agreement to acquire an 80% interest in the Kitumba Copper Exploration Licence 27715 in Zambia. The licence covers 255 km² in Zambia’s historic copper district, near the Kitumba Copper Deposit owned by Sinomine, which already invested US$600 million to develop the Kitumba mine. 

Freehill Mining (ASX:FHS) saw strong sales at its Yerbas Buenas mine in Chile, with November gross sales hitting a record $363,000, up 27.8% from October. The company’s sales in the December quarter have already reached $647,000, a 35.8% increase from the previous quarter.

Iltani Resources (ASX:ILT) reported high-grade silver equivalent results from its Orient East deposit in North Queensland. The best result came from drill hole ORR042, which intersected 1m at 1707.2 g/t Ag Eq., the highest grade to date at the site.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
IVR	Investigator Res Ltd	0.023	-39%	34,606,939	$60,377,424
ERG	Eneco Refresh Ltd	0.010	-29%	556,999	$3,813,017
MIO	Macarthur Minerals	0.038	-25%	145,000	$10,182,941
ALR	Altairminerals	0.003	-25%	14,125	$17,186,310
AXP	AXP Energy Ltd	0.002	-25%	46,135,780	$11,649,361
H2G	Greenhy2 Limited	0.003	-25%	100,000	$2,392,737
NRZ	Neurizer Ltd	0.002	-25%	2,784,370	$5,635,721
VFX	Visionflex Group Ltd	0.003	-25%	1,541,556	$13,421,298
GR8	Great Dirt Resources	0.150	-23%	96,986	$5,723,496
CMD	Cassius Mining Ltd	0.007	-22%	7,295,840	$4,878,040
RML	Resolution Minerals	0.014	-22%	123,950	$3,622,552
EM2	Eagle Mountain	0.011	-21%	4,464,660	$5,609,209
ENL	Enlitic Inc.	0.063	-21%	1,412,985	$46,046,745
AJX	Alexium Int Group	0.012	-20%	695,006	$23,647,671
AAU	Antilles Gold Ltd	0.004	-20%	18,955,977	$9,289,380
CR9	Corellares	0.004	-20%	198,009	$2,325,462
ERA	Energy Resources	0.002	-20%	2,610,500	$1,013,490,602
GGE	Grand Gulf Energy	0.002	-20%	4,025,000	$6,125,968
ARV	Artemis Resources	0.009	-18%	6,937,452	$21,085,707
MNB	Minbos Resources Ltd	0.070	-18%	2,967,023	$77,536,360
BPP	Babylon Pump	0.005	-17%	8,022,670	$14,997,294
HCT	Holista CollTech Ltd	0.010	-17%	290,118	$3,429,201
ICU	Investor Centre Ltd	0.003	-17%	393	$913,534
JAY	Jayride Group	0.005	-17%	200,000	$1,431,474
REC	Rechargemetals	0.020	-17%	1,869,341	$6,155,759

IN CASE YOU MISSED IT

Sunshine Metals (ASX:SHN)has reported encouraging drill results from its Truncheon prospect, highlighting the potential for a gold-copper discovery similar to the neighbouring Highway-Reward Mine, which produced 3.9Mt at 5.3% copper and 1.1g/t gold. Standout results included 6m at 0.52g/t gold and 1m at 1.10% copper and 3.05% zinc. EM surveys are now being planned to refine the target zone for a potential massive sulphide body at Truncheon.

Tesoro Gold (ASX:TSO)is now listed on the Frankfurt Stock Exchange under the ticker code 5D7, providing European investors with a convenient way to invest and gain exposure to its exploration and development projects in Chile. The company’s recent capital raise was well supported by UK and European institutional investors.

Eagle Mountain Mining (ASX:EM2) is committing to a fully underwritten renounceable entitlement offer to raise $6.4 million. The funds will be used to reduce debt, drive exploration initiatives, and provide flexibility to pursue new opportunities.

Javelin Minerals (ASX:JAV) has wrapped up a 2,921m RC drilling program ahead of schedule at its Coogee gold-copper project near Kalgoorlie. The program targeted extensions to known mineralisation, and assays are expected in the coming weeks

At Stockhead, we tell it like it is. While Sunshine Metals, Tesoro Gold, Eagle Mountain Mining and Javelin Minerals are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Closing Bell: Santa rally stalls as China’s sluggish data hit commodities; Bitcoin tops US$106k