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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