To The Moon

Which Australian stocks captured the spotlight among investors in the Tiger community in 2024? From standout performances to trending opportunities, let’s dive into the Top 10 Most Popular ASX Stocks and explore how they performed this year!

Two Tech Companies See Staggering Over 200% Gains in 2024!

1. $Zip Co Ltd(ZIP.AU)$, the "Buy Now, Pay Later" company, skyrockets 358% this year.

Favorable Broader Market: US BNPL company Affirm has seen significant stock price increases as consumer demand for installment payment services continues to grow.

Improved Financial Position: Zip Co raised AUD 267 million to repay corporate debt, reducing interest expenses and strengthening its financial position.

Market Expansion: Zip Co’s business in the U.S. market grew by 40%. Despite a market penetration rate of just 1%, this highlights significant growth potential.

2. $APPEN LTD(APX.AU)$ , an AI and machine learning data services company, soars 247% YTD.

AI-related stocks have undoubtedly been the standout stars of this year, with Nvidia-linked stocks achieving nearly a 500% gain.

Appen's revenue from generative AI projects saw remarkable growth, further driving its stock price upward. In Q2 FY2024, Appen delivered strong results, overcoming the impact of losing its Google contract, which led to a significant rise in its stock price.

Mining Companies Face Heavy Losses This Year

Reduced demand for iron ore lead to a 23% year-to-date drop in iron ore prices. The global lithium market also faced a substantial price slump due to weaker-than-expected demand for EVs.

3. $BHP GROUP LTD(BHP.AU)$, the biggest listed mining companies, declined by 16% in 2024.

That contrasts poorly with the market return of 8.84%.

Except for weaker commodity prices earlier in the year, BHP's $38.9 billion bid to acquire Anglo American raised concerns among investors.

The proposed offer, which includes a 40% premium and a 0.7097 BHP shares-for-each-Anglo share deal. The premium and scale of the acquisition raised fears about potential strain on BHP’s balance sheet.

4. $FORTESCUE LTD(FMG.AU)$, the world’s fourth-largest iron ore producer, lost 20% this year.

As mentioned earlier, the significant impact of declining iron ore prices has taken a toll on the sector. In addition, FMG faced rising costs and labor shortages, further squeezing its profit margins.

5. $Rio Tinto Ltd(RIO.AU)$, a global leader in mining and metals with operations in iron ore, reported a 2% drop in Q2 2024 production.

The company also projected rising costs for the year due to inflation and other operational expenses.

6. $PILBARA MINERALS LTD(PLS.AU)$ slided approximately 44% in 2024.

In response to the challenging lithium market conditions, Pilbara Minerals announced the suspension of its Ngungaju plant and implemented job cuts to manage costs.

There has been a notable rise in short-selling activities targeting lithium companies, including Pilbara Minerals.

Banking Companies See Strong Gains in 2024

With Trump’s return to office, the promise of relaxed regulations for the banking industry has fueled optimism. Following the election, U.S. bank stocks frequently hit all-time highs.

A 100-basis-point rate cut by the Federal Reserve this year has also created a favorable low-interest environment, boosting bank profitability.

7. As Australia's largest listed bank, $COMMONWEALTH BANK OF AUSTRAL(CBA.AU)$ achieved a 43% gains!

It now has a market capitalization of AUD 261.19 billion as of December 27, 2024.

In Q1 2024, it achieved a profit of AUD 2.5 billion, up 3.5% year-over-year.

8. $ANZ GROUP HOLDINGS LTD(ANZ.AU)$ , one of Australia’s Big Four banks, rose 17% in 2024

ANZ reported a 5% year-over-year increase in cash net profit in Q1 2024, reaching AUD 1.5 billion.

The bank also announced the partial sale of its stake in Vietnam International Bank (VIB) to focus on its core markets in Australia and New Zealand.

9. $QANTAS AIRWAYS LIMITED(QAN.AU)$ rebounded with a 68% YTD gain in 2024 after an 11% drop last year.

Strong Demand and Cost Efficiency: Higher-than-expected domestic travel demand boosted revenue, while falling global oil prices allowed the company to lower its fuel cost forecast for the first half from AUD 2.7 billion to AUD 2.55 billion.

Revenue Guidance and Dividend Restoration: The company raised domestic revenue expectations, projecting a 3% to 5% increase in revenue per available seat kilometer for H1 2024.

Additionally, Qantas announced plans to resume dividend payments in H2 2024, marking its first payout since 2019.

10. In 2024, $A2 MILK CO LTD(A2M.AU)$ experienced roller coaster but still surged approximately 36%

The rise is primarily driven by its strong financial performance and market expansion efforts.

In February 2024, a2 Milk reported robust half-year results, including a 3.7% increase in total revenue to NZ$812.1 million and a 15.6% rise in net profit after tax to NZ$85.3 million.

Revenue from the China and Other Asia segment climbed by 16.5%, driven by a 10.4% increase in China label infant milk formula (IMF) sales.

Followed by the stellar earnings, the stock jumps 12% on the earnings day. However, in August, the stock crashes 24% on FY24 results.