1300 405...

Book a call now

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

ASX Stock Market Recap March 2024

It was a month filled with drama on the ASX. Amid hopes of imminent interest rate cuts, the ASX opened at the start of March with record highs, only to experience a dramatic sell-off less than two weeks into the month. This is your ASX stock market recap for March 2024.

Key Points

Market Overview

March opened with Australian shares reaching a record high of  7733.2 points, rising by 0.2 per cent, with significant gains in the technology and resources sectors. Before midday, the S&P/ASX 200 was 0.03 per cent higher at 7,700.80. One Australian dollar bought 64.98 US cents.

Information Technology, up by 0.95%, was the best-performing sector. Health Care, down by 1.77%, was the worst. Gold was trading at US$2052.00 an ounce

More record-breaking developments ensued on Monday 11 March, but this time a record tumble. The ASX saw the largest sell-off in over a year. The day saw nearly $50 billion wiped from the Australian share market with the selling off of mining and bank stocks.

The benchmark S&P/ASX 200 Index fell by 142.8 points to 7704.2 by the closing, a drop of 1.8%. This was against the backdrop of negative sentiment in markets worldwide and was expected following a pullback on Wall Street the preceding Friday. 

By mid-March, the local share market was still reeling from the 1.8% drop after mining and banking stocks negatively impacted the benchmark S&P/ASX200. The ASX was down to 7,670 points. The spot gold price was US$2,163 an ounce. One Australian dollar bought 65.65 US cents. 

Just ahead of the Easter weekend, the S&P/ASX 200 opened at 7,819.6 and closed at 7,896.9, with a high of 7,901.2 points.

Relevant News

There are several factors affecting global markets lately. Geopolitical tensions and high interest rates in a bid to curb inflation, all play their part, too.

The Australian Reserve Bank maintains the cash rate at 4.35 %. In their March 19th media release, the RBA stated that inflation remains high, and “the economic outlook remains uncertain”. Returning inflation to the target range remains their top priority.

Conclusion

March 2024 was a tumultuous month on the ASX. A major sell-off saw a staggering 1.8% drop in shares. Yet the ASX recovered and ahead of closing just before the Easter weekend, appeared to be making a recovery. As in previous months, all eyes remain focused on the RBA, while Australians await a much-needed interest rate cut.

Want to be debt-free, years sooner?

Discover How to Pay Off A Home years sooner, lower costs & Increase your monthly Cash-Flow

Download our FREE eBook, containing 10 popular strategies that can slash years off homeownership!

Get Instant Access now

THE INFORMATION PRESENTED ON THIS WEBSITE (KINGDOMWEALTHCREATION.COM.AU) IS GENERAL INFORMATION ONLY. IT SHOULD NOT BE TAKEN AS CONSTITUTING PROFESSIONAL ADVICE FROM THE WEBSITE OWNER – FREEDOM DIGITAL CO PTY LTD (“KINGDOM WEALTH CREATION”, “WE”, “US”, OR “OUR”). KINGDOM WEALTH CREATION IS AN EDUCATION BUSINESS AND WE DO NOT PROVIDE FINANCIAL SERVICES OR ADVICE. ALL VIEWS AND OPINIONS EXPRESSED ARE GENERAL IN NATURE AND PRESENTED FOR INFORMATION PURPOSES ONLY. ANY REFERENCE TO PAST PERFORMANCE SHOULD NOT BE RELIED UPON AS A PREDICTION FOR FUTURE PERFORMANCE. WE ALWAYS RECOMMEND THAT YOU DO YOUR OWN RESEARCH AND SEEK RELEVANT INDEPENDENT LEGAL, FINANCIAL, TAXATION OR OTHER ADVICE TO SEE HOW THE INFORMATION AND STRATEGIES ON THIS SITE RELATE TO YOUR UNIQUE CIRCUMSTANCES. WE MAY ACT AS A REFERRAL PLATFORM FOR EXTERNAL SERVICE PROVIDERS AND RECEIVE REMUNERATION FROM THESE PROVIDERS TO DO SO.  WE ARE NOT LIABLE FOR ANY LOSS CAUSED, WHETHER DUE TO NEGLIGENCE OR OTHERWISE ARISING FROM THE USE OF, OR RELIANCE ON, THE INFORMATION PROVIDED DIRECTLY OR INDIRECTLY BY USE OF THIS WEBSITE. FOR FURTHER INFORMATION PLEASE REFER TO OUR TERMS OF SERVICE AND PRIVACY POLICY.

© Kingdom wealth creation 2023 | ABN: ABN 37 669 799 160