ASX extends losses during final trading of 2024
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The news: The Australian sharemarket ended the final trading session of 2024 lower, following sweeping declines in the US and Europe overnight.
The benchmark ASX 200 fell 0.92% to end the year at 8,159, with nine out of 11 sectors closing in red. It took total gains for the index over the 2024 calendar year to 7.49%.
Biggest movers:
- Karoon Energy (3.3%) – the oil and gas explorer was the top performing ASX 200 stock for the second successive session, boosted by new drilling at its part-owned Who Dat West exploration well, as well as rising crude prices.
- Fellow oil majors Ampol (1.2%), Woodside Energy (0.5%), Beach Energy (0.4%), and Santos (0.3%) also advanced as energy (0.87%) ended the day as the best performing sector.
- Neuren Pharmaceuticals (2.5%) and Boss Energy (2.1%) saw the next largest gains among the ASX 200 companies. Consumer electronics retailer JB Hi-Fi (-4.1%), Carsales owner Car Group (-3.2%) and wealth manager AMP (-3.1%) were the day's worst performers.
Other news:
- Ramelius Resources (-2.8%) led a wider sell-off in gold stocks after spot gold retreated. Regis Resources (-2.7%) and Emerald Resources (-2.4%) were also among the worst hit.
- WAM Leaders (-0.4%) reappointed former independent director Melinda Snowden to its board, replacing outgoing founding director Lindsay Mann.
- SkyCity Entertainment (2.3%) rallied after advising of an extension to justice Brian Martin's independent review into its Adelaide casino on Monday.
The Australian dollar is buying 62.16 US cents.
What’s ahead: The ASX will remain closed on Wednesday for New Year's Day and re-open on Thursday.
The US market will also close for New Year's Day and resume regular trading on 2 January. US stock markets will close 9 January, in observance of a national day of mourning for former President Jimmy Carter. The closures are part of a long-standing American tradition in which financial institutions halt operations following the death of a president.
