Market Close 19 Dec 24: Worst day in over three months for Aussie stocks

CommSec Market Update

The Aussie share market faced a tough day, with the ASX 200 facing it's steepest decline in three and a half months—dragged down by a 2.5% fall in the US Dow Jones. Investor concerns stemmed from the US Federal Reserve’s revised interest rate outlook, signalling fewer rate cuts in 2025 than anticipated. All 11 ASX sectors ended in the red, with tech, financials, and materials hit hardest, while only 10% of stocks managed gains. Bright spots included Mesoblast, up 54% after FDA approval for its cell therapy, and Patriot Battery Metals, surging 16% following a major deal with Volkswagen. Meanwhile, uranium miner Deep Yellow plunged 12% on project delays, and ANZ faced shareholder backlash over governance issues at its AGM. With one trading day left this week, December’s losses have nearly erased November’s strong gains, leaving hopes pinned on a late Santa Claus rally.

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