In the first half of the year, $S&P/ASX 200(XJO.AU)$ rose by 2.33%, closing at 7767.50.
Although it lagged behind S&P 500, some stocks that Tiger Brokers users are most concerned with hit new highs or showed significant gains.
1. $BHP GROUP LTD(BHP.AU)$ fell by 13%
BHP is the largest miner of ASX, is a global resources company, engaged in the mining of copper, iron ore, and coal.
After reaching historic highs last December, BHP has experienced continuous declines in the first half of this year. Its plunge is closely linked to a more than 10% drop in iron ore prices.
Investors have been selling off the mining company due to concerns over weakening iron ore prices and anticipated ongoing economic sluggishness in China.
2. $COMMONWEALTH BANK OF AUSTRAL(CBA.AU)$ surged 16%
Commonwealth Bank is one of Australia's leading financial institutions, offering a wide range of banking and financial services including retail, business, and institutional banking.
CBA continues to hit new highs in the first half. Its rally threatens to dethrone BHP as ASX top stock. CBA's current market cap is 213.18 biliion, only one step from BHP's 216.45 billion.
In the first half of 2024, Commonwealth Bank of Australia saw its stock surge to record highs due to strong market performance, investor confidence in its revenue growth, and speculation about potential interest rate cuts.
3. $QANTAS AIRWAYS LIMITED(QAN.AU)$ rose 9%
Qantas is Australia's largest domestic and international airline, known for its extensive flight network and exceptional service quality.
QAN saw its stock rise after announcing enhancements to its Qantas Loyalty program. These changes aim to increase member engagement through easier point redemption and the introduction of 20 million Classic Plus seats.
Analysts at Jefferies raised Qantas' stock price target to AUD7.94, reflecting optimism about the program's potential to drive earnings growth by 2030.
4. $PILBARA MINERALS LTD(PLS.AU)$ lost 22%
Pilbara Minerals Limited is Australia's sixth-largest lithium producer.
Despite the lithium price declining by over 80% since late 2022, the price seems to stabilize with a consolidation pattern near its low, suggesting potential for a recovery in the future.
Lithium prices plunged below $13,000/ton in June 2024, the lowest in 35 months. Is the bear market for lithium a good opportunity to bottom fish?
5. $Zip Co Ltd(ZIP.AU)$ skyrocketed 129%
Zip Co is a financial technology company that provides point-of-sale credit and digital payment services, including the popular buy now, pay later services.
Analysts have upgraded EPS estimates and increased price targets for the company. Zip Co is forecasted to continue growing, with expected earnings and revenue growth rates of 10.4% and 4.2% per annum, respectively.
The company aims to break even in 2024.
$S&P/ASX 200(XJO.AU)$ is a stock market index that represents the performance of the top 200 companies listed on the Australian Securities Exchange by market capitalization.
$S&P/ASX ALL ORDINARIES(XAO.AU)$ is a broader stock market index comprising the 500 largest companies listed on the Australian Securities Exchange.
$FORTESCUE LTD(FMG.AU)$ is one of the largest producers of iron ore in the world, operating in the Pilbara region of Western Australia.
$WOOLWORTHS GROUP LTD(WOW.AU)$ is a major Australian retail company, operating a large chain of supermarkets and retail stores across Australia and New Zealand.
$PALADIN ENERGY LTD(PDN.AU)$ is a uranium production company, with a focus on the development and operation of uranium mines in Namibia and Australia.
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