2024’s most actively traded stocks on Stake AUS

DroneShield ($DRO)

The year was a roller coaster ride for investors in this provider of counter-drone technology. Shares rallied strongly to a record high of $2.60 in July, then fell 75% as short positions increased to over 3% of its issued shares. Growing demand from governments for DroneShield's AI-powered tech drove revenue growth; several U.S. government contracts were awarded in 2024. The firm said in October it had a A$42m contracted backlog of work and a A$1.1b sales pipeline. Two capital raisings in 2024 brought in A$235m to fund research and build inventories.

BHP Group ($BHP)

Shares in the world's largest miner fell in 2024 as iron ore prices weakened due to China's property slump. BHP continued to pursue its ambitions to grow its copper business. It made a A$75b offer for Anglo American but was rebuffed. It joined with Lundin Mining to successfully acquire Filo Mining, which has copper assets in South America. Weak nickel prices led to the suspension of operations at Nickel West in WA, to be reviewed in 2027. The miner is targeting FY25 iron ore production of 282m-294m tonnes.

Fortescue ($FMG)

Shares in Australia's third largest iron ore miner were caught in the downdraft from China's property slump which weighed on iron ore prices. The company unveiled a shakeup of its executive ranks, to simplify the structure of its metals and green energy business after years of investment and hiring. Fortescue cut 700 jobs as part of the process. The miner is targeting FY25 iron ore production of 190m-200m tonnes at a cost of US$18.50-US$19.75 a tonne.

Pilbara Minerals ($PLS)

The lithium miner was one of the most shorted stocks on the ASX in 2024, as lithium prices fell in an oversupplied market. 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 2m tonnes a year. Pilbara also made a $560m acquisition of Latin Resources, which owns the Salinas lithium project in Brazil. The transaction is expected to be completed in February 2025.

Zip Co ($ZIP)

Investors in the 'buy now, pay later' provider were the biggest winners on the ASX after a massive rally in 2024. Zip's full year results showed record transaction volumes and revenue. That growth has continued into FY25; group cash earnings rose 233% year-on-year to A$31.7m in Q1. The U.S. business performed strongly: Q1 revenue was up 40.5% YoY. Zip paid down debt in 2024 after it raised A$267m by selling new shares at A$1.52 a share. Co-founder Larry Diamond stepped down as a director and chairman of the U.S. business in December.

Woodside Energy ($WDS)

Shares in Australia's largest independent oil and gas producer fell in 2024 as LNG and oil prices weakened. The year was marked by dealmaking. Woodside paid US$900m in July to acquire Tellurian and its Driftwood LNG project on the Gulf of Mexico. It paid US$2.35b 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. There were even merger discussions with Santos, but these ceased in February.

Appen ($APX)

Shares in the data sourcing and annotation provider enjoyed a significant rally in 2024, as data demands from generative AI improved customer demand. Appen also raised capital in October to strengthen its balance sheet and provide working capital for new AI-related work. Selling new shares to institutional and retail shareholders at A$1.92 raised A$65m. A trading update at the time of the capital raising said the company had returned to underlying EBITDA profitability in Q3 after cutting costs.

Woolworths ($WOW)

Shares in Australia's biggest supermarket operator fell in 2024 as it faced sharp competition from Coles and found itself in trouble with the corporate watchdog. The Australian Competition and Consumer Commission (ACCC) launched legal action in the Federal Court, claiming Woolworths (and Coles) 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. The strike had cost A$140m in lost food sales by 2 December.

Mineral Resources ($MIN)

Mineral Resources shares fell to a four-year low in September as weak iron ore and lithium prices heightened concerns about its debt levels. 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. CEO Chris Ellison will exit in 12-18 months after reports of tax evasion and use of company resources for personal use.

Commonwealth Bank ($CBA)

Australia's largest bank added 110,000 business transaction accounts and 500,000 retail transaction accounts in FY24 - and its shares enjoyed a strong rally. 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 A$4.65 a share in FY24.