While ASX large-cap shares dominated the top 10 most popular stocks of 2024, a young defence company in the industrials sector was the favourite investment of the year.
According to data from the online trading platform Stake, DroneShield Ltd (ASX: DRO) was the most bought ASX share of the year among its users.
Droneshield develops and sells hardware and software that detects enemy drones.
The Droneshield share price rose from a closing value of 37 cents on 29 December 2023 (the last day of trading for the year) to 76.5 cents on 31 December 2024.
The data is based on overall trading volumes from 1 January to 23 December 2024 and excludes exchange-traded funds (ETFs).
Samy Sriram, a market analyst at Stake, has provided her analysis of the year for each of the top 10 most bought ASX shares below.
10 ASX shares that investors bought most in 2024
The most bought ASX shares in order of popularity among Stake customers are listed below.
DroneShield Ltd (ASX: DRO)
Amid a tumultuous year for the Droneshield share price, the company attracted the highest trading volume among Stake platform investors in 2024.
The stock rallied strongly to a record high of $2.72 in July, then fell 75% as short positions increased.
However, the business made gains throughout the year, as Sriram notes:
Growing demand from governments for DroneShield's AI-powered tech drove revenue growth; several US government contracts were awarded in 2024.
The firm said in October it had a $42 million contracted backlog of work and a $1.1 billion sales pipeline.
Two capital raisings in 2024 secured $235 million to fund research and build inventories …
The ASX industrial share rose by 106.75% in 2024.
BHP Group Ltd (ASX: BHP)
The BHP share price fell 21.54% in 2024 as lower demand for iron ore from China weakened commodity prices. BHP shares closed at $39.55 apiece yesterday.
Sriram says BHP continued to pursue its copper ambitions in 2024, joining Lundin Mining Corp to successfully acquire Filo Mining, which has copper assets in South America.
BHP also made several offers to buy Anglo American plc, which were rebuffed.
The company suspended operations at its Nickel West mine in Western Australia due to weak nickel prices. This decision will be reviewed in 2027.
Sriram says:
The miner is targeting FY25 iron ore production of 282 million to 294 million tonnes which could signal potential revenue growth, dependent on iron ore prices and global demand.
Fortescue Ltd (ASX: FMG)
The Fortescue share price also fell in 2024 due to weaker iron ore prices. The ASX mining share closed at $18.25 apiece yesterday, down 37.1% for the year.
Throughout the year, several changes were made in upper management personnel. Fortescue also scaled back its hydrogen ambitions and cut 700 jobs.
Sriram says Fortescue is targeting FY25 iron ore production of 190 million to 200 million tonnes at a cost of US$18.50 to US$19.75 a tonne.
Pilbara Minerals Ltd (ASX: PLS)
This ASX lithium share was one of the most shorted stocks of 2024, as lithium prices remained weak in an oversupplied market.
The Pilbara Minerals share price closed out the year at $2.19 apiece, down 44.6%.
According to Sriram:
Despite weak lithium prices, the company commenced a feasibility study on its P2000 project.
The pre-feasibility study, released in June, showed its Pilgangoora operations could be expanded to 2 million tonnes a year.
Pilbara also made a $560 million acquisition of Latin Resources Ltd (ASX: LRS), which owns the Salinas lithium project in Brazil. The transaction is expected to be completed in February 2025.
Zip Co Ltd (ASX: ZIP)
Zip was among the comeback stories of 2024, with the share price hurtling 366.1% higher to close at $2.96 on Tuesday.
A series of positive financial reports led to a resurgence of confidence in the ASX buy now, pay later share.
Co-founder Larry Diamond stepped down as a director and chair of Zip's US business in December.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price fell in 2024 due to weaker LNG and oil prices amid various geopolitical tensions. On Tuesday, the ASX energy share closed at $24.60, down 20.8% for the year.
Sriram said 2024 was "marked by dealmaking" for Woodside:
Woodside paid US$900 million in July to acquire Tellurian and its Driftwood LNG project on the Gulf of Mexico.
It paid US$2.35 billion for the OCI Clean Ammonia project in Texas.
It also sold stakes in its Scarborough project which is nearing completion: a 15.1% stake to JERA and a 10% stake to LNG Japan.
Appen Ltd (ASX: APX)
Appen shares rallied big-time in 2024 on the back of rising demand for generative artificial intelligence.
The data sourcing and annotation provider conducted a $65 million capital raise in late 2024 to strengthen its balance sheet and provide working capital for new AI-related work.
The company announced a return to underlying EBITDA profitability in 3Q FY24 largely due to cost-cutting. The Appen share price rose by 319% in 2024 to close at $2.64 on Tuesday.
Woolworths Group Ltd (ASX: WOW)
It was a difficult year for the ASX 200's biggest consumer staple share, which fell 18% over the 12 months to close at $30.49 on 31 December.
Sriram summarises the key points:
The Australian Competition and Consumer Commission (ACCC) launched legal action in the Federal Court, claiming Woolworths (and Coles Group Ltd (ASX: COL)) made false claims about price discounts.
New CEO Amanda Bardwell also had to front a Senate inquiry into food prices.
The retailer's sales recently took a hit from industrial action at its distribution centres.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price fell to a four-year low of $29.51 in September. The ASX mining share closed out the year at $34.25 per share, down 51.1% over the 12 months.
Weak iron ore and lithium prices, as well as investors' concerns about debt, contributed to the fall.
Sriram says:
Mines were placed on care and maintenance, projects were delayed and workers were let go to save costs. The sale of a stake in the Onslow Iron haul road and its energy assets to Hancock Prospecting provided cash.
The company was mired in controversy toward the end of 2024 as it investigated personal tax evasion allegations involving its founder and CEO, Chris Ellison.
Ellison described his actions as "an error of judgement" and stepped down as CEO in November. He will remain as managing director until a new one is appointed.
Commonwealth Bank of Australia (ASX: CBA)
CBA shares enjoyed a remarkable rally, which made the ASX 200 bank share one of the most expensive in the world. CBA also overtook BHP as the most valuable share on the ASX 200.
The CBA share price lifted from a closing value of $111.80 on 29 December 2023 to $153.25 on 31 December 2024. CBA stock hit a record high of $161.37 per share last month.
Sriram sums up the year for CBA:
Australia's largest bank added 110,000 business transaction accounts and 500,000 retail transaction accounts in FY24 …
One in three retail customers in Australia banks with CBA, and 25% of business customers.
The bank grew the share of mortgages sold through its owned channels rather than through brokers.
While its FY24 cash net profit fell 2%, its sector-leading return on equity and strong organic capital growth provide capital for dividends. CBA paid a record total dividend of $4.65 a share in FY24.
