Top trades by Australian Sharesight users — October 2024

Welcome to the October 2024 edition of Sharesight’s monthly trading snapshot for Australian investors, where we look at the top 20 trades made by Australian Sharesight users. Below we will look at the top trades overall, plus the top trades in individual stocks, which allows us to observe the broader investment trends by Australian Sharesight users, while also giving us an opportunity to zoom into the most popular stocks and the market-moving news behind them.

Top trades in October 2024

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This month, the top trades were strongly led by Vanguard’s Australian Shares (ASX: VAS) ETF, followed by Vanguard’s International Shares (ASX: VGS) ETF, followed by the iShares S&P 500 (ASX: IVV) ETF. It was a strong month for ETF trading overall, with 11 of the top 20 trades belonging to ETFs.

“This month’s list of top stocks (both by value and popularity) reflects the changing approach of Australian investors,” says Michael McCarthy, market strategist at moomoo.

“Australia’s largest and strongest companies remain on the list, but a number of inclusions are remarkable. Exchange-traded funds (ETFs) are clearly now an important part of the local investment landscape, and this month’s list confirms that CSL has taken its rightful place in the hearts and portfolios of Australian investors and traders.

“US listings NVIDIA and Tesla also appear, confirming the increasing popularity of international diversification. Stocks that were in the news for all the right reasons, such as Soul Pattinson, and the wrong reasons, such as WiseTech Global, attracted a lot of interest. And Droneshield’s unique product, strong share price performance and eye-wateringly high volatility ensures its appearance this month, and perhaps for months to come.”

Most-traded stocks in October 2024

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This month’s top-traded stocks were led primarily by buy trades in Woodside Energy (ASX: WDS), which posted record Q3 production figures. The top trades were followed by Fortescue Metals (ASX: FMG), which posted disappointing quarterly results, and saw its share price fluctuate throughout the month.

Let’s look at some of the market-moving news behind some of this month’s top stocks:

Woodside Energy (ASX: WDS)

• Woodside posts record Q3 production but narrows 2024 guidance
• Announces plan to delist from London Stock Exchange
• Woodside CEO says LNG demand suggests customers are ‘nervous’

Fortescue Metals (ASX: FMG)

• Fortescue share price drops following disappointing quarterly results
• Fortescue accused of destroying over 100 sacred Indigenous sites

BHP (ASX: BHP)

• BHP projects copper demand to grow annually by 1 million tonnes until 2035
• BHP reaches AU$45 billion settlement over Brazilian dam disaster that killed 19
• Share price rises following settlement announcement

NVIDIA (NASDAQ: NVDA)

• NVIDIA share price hits new 52-week high amid bullish analyst sentiment
• NVIDIA briefly surpasses Apple as world’s most valuable company

Mineral Resources (ASX: MIN)

• Investigation continues into tax evasion by MinRes founder and managing director
• Founder Chris Ellison assures investors he is not leaving MinRes
• Share price down 36% in 3 weeks

Tesla (NASDAQ: TSLA)

• Tesla beats Q3 earnings expectations, driven by cost cuts
• Shares rise to highest price in 13 months in post-earnings rally

Westpac (ASX: WBC)

• Westpac share price sinks following AU1.5 billion divestment announcement
• Share price surges on FY24 profit update

About moomoo moomoo Australia is a share-trading platform that uses AI and dedicated support to make trading easier for its users. We keep you informed, equipped and ready to start and progress your investment journey.

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• Top trades by Australian Sharesight users — September 2024