ASX Wrap-Up: Market Ends on a Positive Note Before Festive Break

2 min read | December 23, 2024 12:00 AM PST | By Team Kalkine Media

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ASX Wrap-Up: Market Ends on a Positive Note Before Festive Break — Image source: shutterstock

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Highlights

- ASX 200 closed on a positive note with a 0.29% gain.

- Real Estate sector led the day's performance with a 0.82% rise.

- Winners included Liontown Resources (ASX:LTR) and Avita Medical (ASX:AVH).

The ASX 200 concluded trading on a positive note, marking a 0.29% rise to add 24 points and settle at 8,217. This upbeat finish came ahead of the two-day Christmas shutdown, giving the market a festive lift before the break.

The Real Estate sector emerged as the leader for the day with a 0.82% gain, closely followed by Healthcare, which was up 0.8%. Energy also made strides, rising by 0.7%. On the other hand, Materials saw a slight dip of 0.33%, while Industrials declined by 0.1%.

The Reserve Bank of Australia released its December meeting minutes, which highlighted concerns about inflation remaining elevated. The central bank projected inflation would not stabilize at the desired midpoint of its target until 2026.

Liontown Resources (ASX:LTR) rose 2.8% after listing over 36,000 fully paid ordinary securities on the exchange. The stock closed at 55 cents, adding to its momentum.

Avita Medical (ASX:AVH) climbed 6% following FDA approval for its new RECELL GO mini disposable cartridge, providing optimism for the company's future innovations.

IGO Limited (ASX:IGO) rebounded with a 2.4% rise despite acknowledging challenges in selling lithium hydroxide amid slower demand.

Arcadium Lithium (ASX:LTM) posted a 7% gain after shareholders approved a partnership deal with Rio Tinto (ASX:RIO).

Rio Tinto (ASX:RIO) faced a 0.8% dip, accompanied by BHP (ASX:BHP), which fell 0.4%. Paladin Energy (ASX:PDN) saw a 3.2% drop following a major acquisition, while St Barbara (ASX:SBM) experienced a steep decline of 34.4%. The gold miner’s downturn was linked to a $210 million tax bill imposed on its subsidiary in Papua New Guinea, raising concerns about its operations.

News Corp (ASX:NWS) also closed in the red, down 1.1%, following the announcement of its Foxtel sale.

The ASX will remain closed for Christmas and Boxing Day, with trading resuming on Friday, December 27. Regular trading hours will apply, opening at 10 am AEDT and closing at 4 pm AEDT.

This festive break offers market participants time to reflect on recent activity before stepping into the post-holiday trading session.

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