ASX 200 May Trends: ZIP Leads Trade Surge While Gold Stocks Climb

Highlights

• Zip Co ranks as the most traded ASX share in the Selfwealth community for May

• Iron ore majors BHP and Fortescue see notable pullback in volumes

• Gold and uranium stocks maintain strong traction among active traders

Australian equities posted strong momentum in May, buoyed by global cues and a rate cut from the Reserve Bank of Australia. Companies across the ASX 200, particularly those in technology, energy, and resources, witnessed significant shifts in trading activity. Among the most notable performers, Zip Co Ltd (ASX:ZIP) rose to the top spot in Selfwealth’s list of most traded shares, as growth-oriented segments captured increased attention.

Meanwhile, a divergent trend was observed among traditional heavyweights in the iron ore sector, with both BHP Group Ltd (ASX:BHP) and Fortescue Ltd (ASX:FMG) facing reduced trade volumes. This shift coincided with evolving sentiment around global trade flows and commodity outlooks.

Trading Activity Spikes for ZIP and APX Amid Tech Optimism

Zip Co surged in trade volume, reclaiming the top position in May after climbing from fourth place the prior month. The company’s performance in the buy-now-pay-later space coincided with a broader appetite for growth stocks, especially within the technology segment. Similarly, Appen Ltd (ASX:APX) saw a spike in buying interest, with momentum supported by forward-looking commentary delivered at its annual general meeting.

The Information Technology sector’s double-digit rise helped amplify interest in companies with rebound narratives, highlighting a wider rotation towards risk-on strategies among retail market participants.

Iron Ore Stocks Retreat Despite Broader Market Rally

Despite the local share market nearing all-time highs in May, major iron ore players BHP and Fortescue experienced sharp declines in trading activity. Sentiment toward these companies softened amid emerging concerns tied to China’s trade policies. As a result, trade volumes dipped notably for both, marking a sharp contrast to their previously strong performance in preceding months.

Rio Tinto Ltd (ASX:RIO), another key iron ore producer, also featured within the top twenty traded stocks by value but similarly reflected restrained sentiment as its position in the list declined.

Gold and Uranium Stocks Remain Firmly in Focus

As the price of gold hovered near record levels, Evolution Mining Ltd (ASX:EVN) and Northern Star Resources Ltd (ASX:NST) recorded higher trading volumes, supported by increased demand for exposure to precious metals. Both names rose through Selfwealth’s trade rankings, driven primarily by buying activity.

Uranium stocks also retained strong interest, with Boss Energy Ltd (ASX:BOE) returning to the top twenty after a year-long hiatus. The stock’s rally paralleled broader enthusiasm for nuclear-linked resources, with momentum reflected in volumes and positioning.

Banking Sector Anchors Value Trades Amid Reporting Season

Among the largest trades by value, financials continued to dominate. ANZ Group Holdings Ltd (ASX:ANZ), Westpac Banking Corp (ASX:WBC), and Commonwealth Bank of Australia (ASX:CBA) each held strong rankings, driven by half-year results, ex-dividend events, and prevailing macro tailwinds following the RBA rate decision.

Macquarie Group Ltd (ASX:MQG) also saw a material lift in holdings as it advanced on the back of a net profit update. Meanwhile, Sigma Healthcare Ltd (ASX:SIG) appeared on the radar following its merger with Chemist Warehouse earlier this year, although trade sentiment showed mixed behaviour.

ETF Sentiment Weakens Despite Broad Market Gains

In contrast to equities, exchange-traded funds experienced a notable decline in buying sentiment during May. Products such as the Global X Physical Gold ETF (ASX:GOLD) and Vanguard Australian Shares Index ETF (ASX:VAS) recorded lower net inflows despite still ranking high by volume. The discrepancy between trading volumes and value outflows in GOLD suggested a degree of profit-taking as prices fluctuated mid-month.

Among popular ETFs, global-themed funds like Vanguard MSCI Index International Shares ETF (ASX:VGS) and Betashares Nasdaq 100 ETF (ASX:NDQ) showed the highest levels of fund growth, with US exposure seemingly remaining attractive for Selfwealth platform users.