The best performing ASX stocks of FY24

FY24 has come to a close, marking a year of stark contrasts for many investors. The year began on shaky ground, with markets enduring a particularly challenging period in September and October. However, as the year progressed, we managed to close on a relatively positive note.

The market's turnaround began to take shape in the December quarter, giving rise to several prominent themes. Among these were the widespread adoption of AI technologies, a resurgence in commodities (notably gold, silver, and uranium) and renewed interest in the biotech sector.

Below, we'll spotlight some of the top-performing stocks across various indices, including the ASX 20, ASX Midcap 50, ASX 200, and All Ordinaries.

ASX 20

Goodman Group claims the top spot, a position that comes as no surprise given its leverage to the AI boom. The company's trajectory shifted dramatically during the February reporting season, which served as a pivotal catalyst for the stock's performance. The result topped first-half earnings expectations, upgraded its full-year guidance and revealed that data centres now represent over a third of its work-in-progress pipeline.

Data as at Friday, 28 June 2024 close

ASX Midcap 50

Pro Medicus experienced a remarkable run in FY24, though not without its share of challenges. The company faced a significant setback post-February reporting season, with the stock suffering a 20% drawdown as results fell short of lofty market expectations. Despite the softer-than-anticipated performance, analysts remained bullish, projecting that Pro Medicus is well-positioned to double its market share over the next five years. The stock quickly rebounded, recouping its losses over the subsequent two months. Pro Medicus closed out FY24 on a high note, with its share price reaching all-time highs.

Data as at Friday, 28 June 2024 close

ASX 200

Life360, the family social media app developer, emerged as a growth powerhouse in FY24. The company's stock soared nearly 40% in a single day on March 1, following a better-than-expected full-year 2023 report and upgraded 2024 guidance. Life360's successful Nasdaq listing opened doors to potential US capital raising and potentially a higher valuation.

Data as at Friday, 28 June 2024 close

All Ords

Droneshield is a market leader and early mover in the counter-drone space – a market worth in excess of US$10 billion, according to Shaw and Partners. "The conflicts in Ukraine and the Middle East provide a case study on the evolution of warfare. We expect DRO to experience considerable operating leverage due to rising global defence budgets and a focus on counter-drone technology," the analysts said in a note last month. Droneshield is forecast to deliver around $103 million in sales for FY24, up 90.7% year-on-year.

Data as at Friday, 28 June 2024 close