Australian Share Market Closes 2024 in the Red

The Australian share market is predicted to finish 2024 in the negative, as mining and IT stocks pulled the local bourse lower following a disappointing session on Wall Street. The S&P/ASX 200 decreased 47.1 points, or 0.6 percent, to 8187.9 points by 12:26pm AEDT, with nine out of the eleven industry sectors declining. These New Year's Eve losses follow a strong year for the ASX, which gained more than 7 percent after two years impacted by inflationary pressures and rising interest rates.

Tech companies benefited from advancements in artificial intelligence, while the finance sector, led by Commonwealth Bank, was among the market's top performers. In Tuesday morning trade, energy giants Woodside (up 0.5 percent) and Santos (up 0.1 percent) were among the few companies advancing after oil prices edged higher overnight. Crude oil is still projected to end the year with a loss, trading within a narrow range since mid-October. Origin Energy traded flat, while APA Group (up 1 percent) and AGL (up 0.6 percent) rose. Meanwhile, losses in the mining sector were fueled by industry leaders BHP (down 0.9 percent), Fortescue (down 1 percent), and Rio Tinto (down 0.3 percent). The decline was further aggravated by gold miners Newmont (down 2 percent) and Bellevue Gold (down 1.3 percent). Gold prices have fallen since Donald Trump's decisive victory in the November US presidential election, although their gains for 2024 still outpace most other commodities. The technology sector also declined, following losses by US tech giants overnight. Family tracking app Life360 dropped 3.2 percent, while WiseTech (down 0.4 percent) and Xero (down 0.1 percent) also retreated. Financial stocks weakened, with Commonwealth Bank, the largest stock on the ASX, down 0.6 percent. It was joined in the red by Westpac (down 0.5 percent), NAB (down 0.5 percent) and ANZ (down 0.8 percent). Macquarie lost 0

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Australian Property Market Slows in 2024High interest rates dampen buyer enthusiasm, leading to a slowdown in growth across major cities.
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Australian Property Market Cools in 2024The Australian property market experienced a slowdown in 2024, with prolonged high interest rates dampening buyer enthusiasm. While national home values still rose by 5.5 percent, growth weakened throughout the year. Sydney and Melbourne saw falling values by spring, while smaller capitals experienced slower growth.
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Australian Property Market Cools in 2024The Australian property market experienced a slowdown in 2024, with prolonged high interest rates dampening buyer enthusiasm. While national home values rose 5.5%, growth weakened throughout the year, particularly in Sydney and Melbourne. Increased listings and longer selling times indicated a shift in market dynamics.
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Live updates: Australian share market to fall ahead of third-quarter GDP data, Wall Street mixedA mixed session on Wall Street is likely to send Australian stocks lower, while the Australian Bureau of Statistics is set to release the third-quarter GDP data at 11:30am AEDT.
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Live updates: Australian share market to rise as Wall Street ends flat, gold jumps on demandThe Australian sharemarket is set to open higher despite a mediocre session on Wall Street, while uncertainties around President-elect Donald Trump's policies lift gold prices. Follow the latest updates in our live blog.
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Live updates: Australian share market rises as Wall Street ends flat, gold jumps on demandThe Australian sharemarket has opened higher despite a mediocre session on Wall Street, while uncertainties around President-elect Donald Trump's policies lift gold prices. Follow the latest updates in our live blog.
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