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ASX Stock Market Recap May 2024

The ASX opened May 2024 with a significant drop in Australian shares amid Wall Street and Fed concerns in the US. Where did it go from there? Which shares saw gains and which saw losses? Get the facts in this ASX stock market recap for May 2024.

Key Points

Market Overview

Concerns over US inflation and interest rates, accompanied by the sharp sell-off of shares on Wall Street, set the tone for the start of May 2024. This seemed to echo the sentiments of the famous stock market adage, “Sell in May, and go away”. 

The ASX recovered in late May, only to be hit by another decline near month’s end. It wasn’t all bad news though. Significant gains during May 2024 included Telix Pharmaceuticals Ltd (ASX: TLX) with a gain of 20.6%, and PEXA Group Ltd (ASX: PXA) with a gain of 19.3%.

Other ASX 200 top performers in May 2024 included Alumina Ltd (ASX: AWC) and Pinnacle Investment Management Group Ltd (ASX: PNI).  Alumina Ltd’s share price increased by 16.6% while Pinnacle’s share price rose by 16.3%. 

Unfortunately, May 2024 meant bad news for Tabcorp Holdings Ltd (ASX: TAH, Fletcher Building Ltd (ASX: FBU) and Eagers Automotive Ltd (ASX: APE)/ These were the worst performers in May 2024.

Relevant News

ASX 200 shares fell in response to Wall Street concerns, down by 1.23% at close on the first of May. But this May was not as terrible as Wall Street feared. Just as Wall Street later recovered, so too did the ASX recover.

The ASX was met by another slump near month-end due to concerns about inflation and interest rates. That said, the benchmark ASX 200 index rose by the benchmark index and climbed by 0.5% to end the period at 7,701.7 points by the end of the period. 

Indeed, several ASX 200 shares experienced strong returns, such as Telix Pharmaceuticals. The company’s month-end announcement of positive results in its ProstACT SELECT TLX591 rADC Therapy study led to a dramatic increase in investor interest.  

Meanwhile, Eagers Automotive Ltd’s dramatic 19% crash came after an uninspiring AGM Material and Market Guidance announcement.

Conclusion

It was a month of ups and downs for the ASX in May 2024. Sharp falls were fueled by interest rate woes. Major gains sparked by promising pharmaceutical developments. Despite all the uncertainties and upheaval throughout the month, the ASX 200 proved resilient. 

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