ASX drops on last day of trade in 2024

Property and consumer stocks were worst hit on the last trading day of the year, but the sharemarket made a healthy 12-month return.

The ASX fell on its final day of trading before the New Year. Picture: Izhar Khan/Getty Images

The Australian sharemarket fell sharply on the final trading day of 2024, hit by profit-takers and a continued downturn on Wall Street.

The benchmark S&P/ASX 200 index closed down 0.9 per cent at 8159.10 on Tuesday.

The broader All Ordinaries index fell 0.9 per cent to 8420.5 points.

For the calendar year, the S&P/ASX200 made 7.5 per cent, excluding dividends. The benchmark index has set fresh records multiple times throughout the year, but pulled back this month from its record of 8495.22 points, set on December 3.

On Tuesday, property stocks tumbled in late trading to end the day worst off, with the real estate index 1.7 per cent lower at the final bell.

Goodman Group (ASX:GMG) lost 2 per cent to $35.64, Scentre Group (ASX:SCG) shed 1.7 per cent to $3.43 and Stockland (ASX:SGP) closed 1.2 per cent lower to $4.86.

Discretionary consumer stocks also lost value on the bourse, with the index down 1.2 per cent at close. Wesfarmers (ASX:WES) dipped 1.2 per cent to $71.53, Aristocrat (ASX:ALL) fell 1.1 per cent down to $68.36 and JB Hi-Fi (ASX:JBH) tumbled 4.1 per cent to $92.68.

The energy index was one of only two in the green by the market’s close, finishing 0.5 per cent higher. Woodside (ASX:WDS) gained 0.5 per cent to $24.60 and Santos (ASX:STO) rose 0.3 per cent to $6.68.

All big four banks closed lower. Commonwealth Bank (ASX:CBA) dipped 1.2 per cent to $153.25, NAB (ASX:NAB) closed 0.8 per cent down to $37.10, Westpac (ASX:WBC) shed 0.7 per cent to $32.32 and ANZ (ASX:ANZ) finished down 0.8 per cent to $28.54.

Bitcoin, which has been steadily reversing gains since surging past $US108,000, but saw a brief rise overnight, has reversed again to be below $US93,000.

The Aussie dollar is trading around US62.16c.

Coal in US tech companies’ stockings

Investors securing profits on Wall Street led to another big tech sell-off overnight as the tech-focused Nasdaq led the charge downhill, falling 1.2 per cent while the S&P 500 lost 1.1 per cent and the Dow Jones finished 0.8 per cent lighter.

Nvidia was the only Magnificent 7 tech stock which closed higher due to the completion of its long-awaited and heavily scrutinised deal to acquire an Israeli startup, closing 0.4 per cent stronger.

The other members of the exclusive club — Apple (-1.3 per cent), Google owner Alphabet (-0.7), Meta (-1.4), Amazon (-1.1), Tesla (-3.3) and Microsoft (-1.3) — all closed lower.

Originally published as ASX drops on last day of trade in 2024