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The very last day of 2024’s trading year on the Australian stock exchange will open down in the red, with ASX 200 futures pointing to a 46-point decline – to around 8,177 at 10am Sydney time – as the local bourse shaves 0.57%.
In this shortened trading day (things wrap up by 2.30pm for New Year’s Eve) traders look to be playing it safe and banking some of the profits they’ve made for the year.
Similar weakness has happened globally, especially in the U.S. where the three top benchmarks slumped at least 1.5% each. Airplane manufacturer Boeing was a leading laggard, losing 2.3% after one of its 737-800 aircraft crashed in South Korea. Other international markets like the Stoxx 50 (-0.6%) and DAX (-0.4%) also slid.
This NYE volatility still has many hopeful though; the VIX was up 1.28% to 17.23.
In news back home, all eyes are on the ASX and its Tuesday finish – down at open, markets are fairly unlikely to reach the 8,459 peak set on December 3.
That said, analysts still suggest it’s been a top year for traders despite December’s faux Santa rally that eventually turned the other way. For many, this dip is “simply profit taking” and foreshadows more rises next year.
No matter what happens though, the Aussie index is up 8.8% through 2024.
Elsewhere, one last company is squeezing onto the bourse this year; when it hits midday in Sydney, newcomer Burrendong Minerals – to be listed under BIG – will join the stock exchange Down Under. The mineral explorer is looking to raise $6 million in capital and is issuing at 20cps with a one-for-two option at 25c.
Though Burrendong’s arrival isn’t quite as heralded as some like Guzman Y Gomez (ASX:GYG) and DigiCo Infrastructure (ASX:DGT), the dearth of IPOs through 2024 means this one will be just as watched – though maybe not bought.
Looking at forex, the Aussie dollar is buying 62.1 US cents.
To commodities, which are in the greenback,
Iron Ore rebounded 2.03% to $100.85 a tonne in Singapore,
Brent Crude is trading at $74.11,
Gold is trading at $2,616 per ounce, and,
US natgas futures are at $3.91 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Close.
