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Highlights
- - The ASX 200 index closed 0.92% lower during the final session of 2024.
- - Nine out of eleven sectors recorded declines, led by gold and consumer-focused stocks.
- - Energy stocks were the top performers as crude prices supported gains.
The Australian share market wrapped up the last trading day of 2024 with losses, mirroring widespread declines in the US and European markets. The benchmark ASX 200 index fell by 0.92%, closing at 8,159. Despite the decline, the index achieved an annual increase of 7.49% over the calendar year.
Energy Sector Leads Gains
Among the best performers, (ASX:KAR) surged 3.3%, leading the ASX 200 for the second consecutive session. The oil and gas company benefited from developments at its Who Dat West exploration well and rising crude oil prices. Other energy companies, including (ASX:ALD), (ASX:WDS), (ASX:BPT), and (ASX:STO), also posted modest gains, supporting the sector to finish as the day’s top performer with a 0.87% increase.
(ASX:NEU) climbed 2.5%, while (ASX:BOE) advanced 2.1%, marking some of the other notable gains within the index.
Gold Stocks Retreat
The materials sector faced headwinds as gold prices retreated. (ASX:RMS) led the declines in gold stocks with a 2.8% drop, followed by (ASX:RRL) and (ASX:EMR), which fell 2.7% and 2.4%, respectively.
Consumer-focused stocks were among the worst hit during the session. (ASX:JBH) declined 4.1%, while (ASX:CAR) and (ASX:AMP) recorded losses of 3.2% and 3.1%, respectively.
Notable Developments
(ASX:WLE) announced the reappointment of Melinda Snowden to its board as an independent director, replacing Lindsay Mann. Meanwhile, (ASX:SKC) gained 2.3% following an update on the extended independent review into its Adelaide casino.
The Australian dollar was trading at 62.16 US cents, reflecting slight weakness in global currency movements.
Upcoming Market Holidays
The ASX will remain closed on Wednesday, 1 January, for New Year's Day and reopen on Thursday, 2 January. Similarly, US stock markets will resume regular trading on 2 January, with an additional closure on 9 January to observe a national day of mourning for former President Jimmy Carter.
This session marked a reflective end to a year of resilience and challenges for the Australian markets, with energy stocks providing a rare bright spot amid broader declines.
