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Highlights
- - ASX 200 futures signal a softer opening as 2024 trading concludes.
- - Commodities rebound, with iron ore and gold posting gains.
- - Burrendong Minerals (BIG) debuts on the Australian stock exchange.
As the Australian stock market closes out its final trading session of 2024, the ASX 200 is set to open slightly lower, with futures pointing to a 46-point drop. This places the index around 8,177, reflecting a 0.57% dip in early trade. On this shortened New Year’s Eve trading day, the market wraps up by 2:30 PM Sydney time, with many participants adopting a cautious stance, locking in yearly profits.
Global markets have also faced headwinds. In the United States, major indices experienced notable declines, each shedding over 1.5%. Boeing (NYSE:BA) emerged as one of the weakest performers, retreating 2.3% following news of a 737-800 aircraft crash in South Korea. European markets mirrored this sentiment, with the Stoxx 50 and DAX slipping 0.6% and 0.4%, respectively. Meanwhile, volatility saw a modest uptick, with the VIX rising to 17.23.
Domestically, the ASX continues to show resilience despite global trends. Although unlikely to retest the December peak of 8,459, the index has recorded an impressive 8.8% annual gain. Many attribute the current downturn to end-of-year profit-taking rather than a sign of broader market weakness.
On the listing front, Burrendong Minerals (ASX:BIG) makes its debut on the Australian exchange today. The mineral exploration company aims to raise $6 million through its IPO, offering shares at $0.20 each, coupled with a one-for-two option at $0.25. While Burrendong’s listing may not match the fanfare of earlier IPOs, such as Guzman Y Gomez (ASX:GYG) and DigiCo Infrastructure (ASX:DGT), its arrival is a notable addition to a year that saw fewer public offerings.
In commodities, several key benchmarks are trading in positive territory. Iron ore rose 2.03% to $100.85 per tonne in Singapore, while Brent crude oil is at $74.11 per barrel. Gold has surged to $2,616 per ounce, reflecting its appeal as a safe-haven asset, and natural gas futures are trading at $3.91 per gigajoule. The Australian dollar remains stable, buying 62.1 US cents in forex markets.
As 2024 concludes, the ASX 200’s strong performance underscores its resilience amid global uncertainties. Investors now look ahead to what the next year holds for the Australian market.
