ASX Wrap: Aussie Market Ends 2024 on a Down Note, but Posts Yearly Gains

December 31, 2024 12:00 AM AEDT | By Team Kalkine Media

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ASX Wrap: Aussie Market Ends 2024 on a Down Note, but Posts Yearly Gains — Image source: shutterstock

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Highlights

- The ASX ended 2024 with a 0.9% drop, closing at 8,159 points.

- Energy and Utilities sectors were the only gainers in the final session.

- The ASX200 recorded a 7.5% gain for the year, excluding dividends.

The Australian Securities Exchange (ASX) concluded 2024 with a dip, shedding 0.9% in the final trading session to close at 8,159 points. Despite a softer end, the ASX200 index achieved a 7.5% rise over the calendar year, excluding dividends, and set a new high on December 3. This year-end performance reflects both the resilience and volatility seen throughout the year.

Sector Performance Gains in Energy and Utilities

Amid profit-taking activities, only two sectors stayed in the green on December 31. Energy gained 0.47%, supported by modest rises in companies such as Woodside (ASX:WDS), up 0.5%, and Santos (ASX:STO), which added 0.3%. Utilities followed with a 0.33% gain, showcasing relative stability as other sectors retreated.

Losses Across Other Sectors

The Real Estate sector recorded the steepest decline, down 1.76%, followed by Communication Services, which dropped 1.05%. Consumer Discretionary slipped 1.35%, driven by declines in major players like Wesfarmers (ASX:WES) and JB Hi-Fi (ASX:JBH). Consumer Staples saw a comparatively minor dip of 0.18%, showing relative resilience.

Technology stocks faced challenges, with Wisetech Global (ASX:WTC) sliding 1.58%. However, cloud accounting firm Xero (ASX:XRO) bucked the trend, recording a 0.7% gain for the day.

Banking Sector Declines

The big four banks also faced downward pressure. Commonwealth Bank (ASX:CBA), NAB (ASX:NAB), Westpac (ASX:WBC), and ANZ (ASX:ANZ) all ended the day lower, reflecting a broader market pullback.

Year in Review

Despite the final two trading sessions closing in the red, 2024 marked a positive year for the ASX200. The index achieved a yearly gain of 7.5%, demonstrating steady growth over time and setting a new peak earlier in December. The Aussie dollar, however, remained subdued, hovering at US62.1c.

As 2024 concludes, the ASX market highlights the mixed performance of individual sectors and stocks. This trading session serves as a reminder of the market's inherent volatility and the interplay of global and local economic factors that shape its trajectory.

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