What Are the Most Popular Australian Stocks? Top 10 Australian Stock Picks for 2024

The Australian Securities Exchange (ASX) is one of the largest financial markets in the Southern Hemisphere and ranks among the top globally, renowned for its robust performance and sustained long-term growth. As a resource-rich nation, Australia's equity market not only encompasses traditional mining and energy companies but also spans a wide range of sectors, including financial services, healthcare, technology, and consumer staples.

In recent years, despite challenges posed by global economic volatility and geopolitical uncertainty, the Australian stock market has demonstrated resilience and appeal. Particularly in 2024, driven by an accelerating global economic recovery and supported by domestic economic policies, investor interest in the Australian equity market has continued to rise, with identifying high-potential investment opportunities becoming a common objective for many investors.

Overview of the Australian Stock Market in 2024

With its unique economic structure and prominent position in global resources, the Australian stock market has long been a focal point for global investors. In 2024, the Australian economy exhibited strong recovery momentum, particularly in the services, mining, and agricultural sectors. As a major global exporter of commodities, Australia's economic growth is closely tied to global resource demand. The services sector accounts for 65% of GDP, while mining and agriculture contribute 13.5% and 2%, respectively. Additionally, manufacturing and construction are significant components of the Australian economy. As the global economy gradually recovers, the Australian stock market displayed positive growth trends in 2024, with strong performances in the technology and resource sectors driving overall market activity.

Represented by its flagship index,S&P/ASX 200the Australian stock market is a key financial market in the Asia-Pacific region, reflecting the diversification of the Australian economy and its interconnection with the global economy. The index comprises the 200 largest listed companies in Australia, covering approximately 80% of total market capitalization, and includes sectors such as finance, energy, healthcare, industrials, and information technology. Given Australia's heavy reliance on natural resources, energy and mining companies hold significant weight in the index. In recent years, driven by the global economic recovery and rising commodity prices, the Australian stock market has shown steady growth. Furthermore, the Australian government's prudent fiscal policy and the Reserve Bank of Australia's monetary policy have positively influenced market performance. However, global economic uncertainties, including trade tensions, financial market volatility, and geopolitical risks, continue to pose potential challenges to the Australian stock market.

Top 10 Recommended Australian Stocks

The Australian stock market performed strongly in 2024, particularly in the technology and resource sectors. Below are some popular Australian stocks favored by market analysts and investors in 2024:

Commonwealth Bank (ASX: CBA)

Commonwealth Bank is one of Australia's four major banks, with its headquarters in Sydney. The bank offers a comprehensive range of financial services, including personal banking, commercial banking, wealth management, insurance, investment, and superannuation management. As an international financial services company, its operations span Australia, New Zealand, Asia, the United Kingdom, the United States, and other countries and regions.

Originally serving as Australia's central bank, Commonwealth Bank later transitioned into an institution focused on commercial and savings banking. Listed on the Australian Securities Exchange in 1991, the bank subsequently underwent gradual privatization. It enjoys a reputation for prudent operations internationally, holding long-term credit ratings above AA, making it one of the highest-rated banks globally.

In terms of business operations, Commonwealth Bank is Australia's largest mortgage lender, credit card issuer, fund manager, retail superannuation provider, and life insurer. Furthermore, it actively participates in international markets, fostering financial cooperation with numerous countries and regions, including China. As of 2024, the bank's stock has performed strongly, reaching record highs with a market capitalization of USD 221 billion, positioning it as one of Australia's most valuable companies.

BHP Group Ltd (ASX: BHP)

BHP Group Ltd is a global leading diversified resources company, primarily engaged in the exploration, development, production, and processing of minerals and petroleum. Its product portfolio includes iron ore, metallurgical and energy coal, copper, silver, zinc, molybdenum, uranium, gold, nickel, aluminum, alumina, and steel.

BHP's operations span globally, including markets in Australia, the Americas, Europe, and Asia. Australia serves as a key operational base where the company extracts iron ore, coal, and petroleum. Additionally, the company operates in Chile, Peru, Canada, the United States, Mexico, Brazil, South Africa, Mozambique, Colombia, the United Kingdom, Indonesia, Malaysia, and the Philippines.

The 2023 annual report highlighted that despite pressures from commodity prices and inflation, BHP delivered strong performance. The company focuses on resources such as iron ore, high-quality metallurgical coal, copper, nickel, and potash, which are critical for global infrastructure development, energy transition, and enhancing agricultural productivity. BHP is committed to driving continuous improvement through its BHP Operating System (BOS) tools and processes, while exploring and developing future growth potential. The company conducted further drilling at its Ocelot project in Arizona and advanced global copper exploration projects. It is also exploring copper resources in Australia, Canada, Chile, Ecuador, Peru, Serbia, and the United States, while increasing the number of high-quality nickel projects in its exploration pipeline.

CSL Ltd (ASX: CSL)

CSL Ltd is a global biotechnology company focused on the research, development, production, and marketing of biotherapeutic products and vaccines. The company's operations are primarily divided into three segments: CSL Behring, CSL Seqirus, and CSL Vifor.

CSL Behring: Provides plasma-derived therapies, gene therapies, and recombinant products for the treatment of various rare and serious conditions, including immunodeficiencies, bleeding disorders, hereditary angioedema, and alpha-1 antitrypsin deficiency.

CSL Seqirus: Focuses on the research, development, and production of influenza vaccines. As one of the world's largest suppliers of influenza vaccines, it provides both seasonal and pandemic influenza vaccine solutions.

CSL Vifor: Specializes in therapeutic products for iron metabolism disorders and chronic kidney disease.

CSL's history dates back to 1916, when it was established as the Commonwealth Serum Laboratories, an agency of the Australian government primarily responsible for vaccine manufacturing. In 1994, CSL was privatized, renamed CSL Limited, and listed on the Australian Securities Exchange. With over 27,000 employees worldwide, CSL operates in more than 100 countries. Its diverse product portfolio includes medicines for treating chronic inflammatory demyelinating polyneuropathy, hereditary angioedema, and alpha-1 antitrypsin deficiency. The company is also active in the vaccine sector, including influenza vaccines. In 2024, CSL reported revenue of USD 14.8 billion, an 11.19% increase from the previous year, and profit of USD 2.64 billion, representing a 20.42% growth. CSL is committed to providing life-saving therapies to patients globally through innovation and research and development.

Macquarie Group Ltd (ASX: MQG)

Macquarie Group Ltd is a leading Australian financial services group offering a wide range of services, including asset management, retail and commercial banking, wealth management, leasing and asset financing, market access, commodities trading, renewable energy development, specialized advisory, capital raising, and principal investments. The group operates in 34 markets globally, employs over 20,600 people, and is listed on the Australian Securities Exchange.

Macquarie Group Ltd's business structure comprises the Banking and Financial Services Group, Corporate and Asset Financing Group, Fixed Income, Currencies and Commodities, Macquarie Capital Group, Macquarie Funds Group, and Macquarie Securities Group. With an extensive global network of over 70 offices serving clients in 28 countries, Macquarie Group had assets under management of USD 355 billion as of March 31, 2022, making it one of Australia's largest fund managers. Emphasizing innovation, Macquarie Group Ltd offers diversified financial products and services to meet varied client needs. The company prioritizes maintaining strong client relationships while expanding its global business presence and influence.

The company's stock hit a one-year high of AUD 230.33 on September 13, 2024. Macquarie Group Ltd has a market capitalization of AUD 83.94 billion, with 363,225,794 shares outstanding. Its revenue for the previous fiscal year was AUD 16.92 billion, net profit was AUD 3.52 billion, and earnings per share were AUD 9.17.

Wesfarmers Ltd (ASX: WES)

Wesfarmers Ltd is a diversified Australian conglomerate with operations spanning retail, chemicals, energy, fertilizers, and industrial safety products. Established in 1914 as the Western Australian Farmers' Cooperative, the company is headquartered in Perth, Australia. Wesfarmers listed on the Australian Securities Exchange in 1984 and has since grown into one of Australia's largest publicly traded companies. Its core retail businesses include the renowned Bunnings hardware chain, Kmart and Target discount department stores, and office supplies retailer Officeworks. Additionally, Wesfarmers is involved in the production and distribution of chemicals, fertilizers, industrial and medical gases, and liquefied petroleum gas (LPG), as well as the wholesale of industrial and safety products. With a strong market presence in Australia and New Zealand, Wesfarmers delivers stable returns to shareholders through its diversified business portfolio. For the 2024 fiscal year, Wesfarmers reported revenue of AUD 44.047 billion, exceeding analysts' expectations of AUD 43.989 billion, demonstrating the company's revenue growth.

Fortescue Ltd (ASX: FMG)

Fortescue Ltd is a global leader in green technology, energy, and metals, originally founded in 2003 with a focus on iron ore. Headquartered in Western Australia, the company operates multiple iron ore projects in the Pilbara region and maintains a global presence, including sales offices in China. Fortescue owns and operates railways, ports, and mines, shipping over 180 million tonnes of iron ore annually. Beyond its core iron ore business, Fortescue Ltd is expanding into the green energy sector, aiming to become a leading global green energy and resources company. Through its subsidiary FMG Future Industries, it invests in and develops green hydrogen and renewable energy technologies. Fortescue aims to achieve carbon neutrality in its operations by 2030 and net zero Scope 3 emissions by 2040. As one of the world's largest iron ore producers, Fortescue exports 93.5% of its iron ore to China, maintaining close business ties and cooperation with the country. The company is also actively exploring mineral resources including copper, gold, lithium, and rare earth elements, with exploration and development activities in Australia, China, and internationally. Fortescue delivered strong performance in the 2023 fiscal year, with a net profit of AUD 566 million, reflecting the company's robust profitability.

Woodside Energy Group Ltd (ASX: WDS)

Woodside Energy Group Ltd is an international energy company established in 1954, with its headquarters in Perth, Australia. The company is primarily engaged in the exploration, assessment, development, production, marketing, and sale of hydrocarbons, with operations across the Asia-Pacific region, Africa, the Americas, and Europe. Woodside is one of Australia's largest independent oil and gas companies, offering products including liquefied natural gas (LNG), pipeline natural gas, condensate, liquefied petroleum gas (LPG), and crude oil. The company operates several LNG projects in Australia and manages the Enfield and Vincent offshore oil fields off the coast of Exmouth, Western Australia. Furthermore, Woodside is involved in emerging energy and low-carbon projects, such as hydrogen and carbon capture and storage (CCS), to support the global energy transition.

In July 2024, Woodside Energy Group Ltd announced a significant strategic move to acquire US LNG developer Tellurian Inc. for USD 1.2 billion, including its Driftwood LNG project. This marks an important strategic layout for the company in the global LNG market. Through this acquisition, Woodside has not only expanded its LNG production capacity but also enhanced its competitiveness and ability to serve customers in the global market.

Telstra Group Ltd (ASX: TLS)

Telstra Group Ltd is Australia's leading telecommunications and technology services provider, offering comprehensive communication services to domestic consumers, businesses, and government entities in Australia, as well as international customers. The company operates through six divisions: Telstra Consumer, Telstra Business, Telstra Enterprise Australia, Telstra International, Networks, IT and Products, and Telstra InfraCo. Telstra provides voice and technology services via mobile and fixed network technologies, and operates call centers, retail stores, dealer networks, digital channels, distribution systems, and the Telstra Plus customer loyalty program. Additionally, it offers network capacity and management, unified communications, cloud services, security, industry solutions, integration, and monitoring services to government and large enterprises; provides wholesale services to other carriers, carriage service providers, and internet service providers; and builds and manages digital platforms.

Telstra Group Ltd also operates fixed passive network infrastructure, including data centers, exchange centers, poles, conduits, pits, and fiber optic networks, providing wholesale customers with access to network infrastructure and long-term infrastructure access rights under infrastructure service agreements.

WiseTech Global Ltd (ASX: WTC)

WiseTech Global Ltd is an international logistics software solutions provider founded in 1994, headquartered in Alexandria, Australia. The company is dedicated to bringing innovation, efficiency, and integration to global supply chains, primarily through its flagship product, the CargoWise platform. This platform provides complex logistics transaction execution and operations management capabilities for logistics service providers, supporting comprehensive logistics operations including international trade, customs compliance, warehousing, freight forwarding, transportation, customs clearance, tracking, shipping, and port logistics. It also offers cloud-based customs declaration, freight forwarding software, trade compliance, container optimization, parcel, less-than-truckload (LTL), and transport management solutions, as well as rate management, ocean freight rate management, container yard/terminal management, and messaging integration software solutions. WiseTech Global's client base includes most of the top 25 global freight forwarders and the majority of the top 50 third-party logistics providers worldwide. The company expands its business scope through continuous product innovation and global mergers and acquisitions, further strengthening its leadership position in the international market. WiseTech Global's flagship product, CargoWise, is a software platform that centralizes logistics operations, ensuring business continuity, scalability, and security. The company serves over 17,000 customers globally, with operations spanning more than 174 countries.

Woolworths Group Ltd (ASX: WOW)

Woolworths Group Ltd is one of the major retailers in Australia and New Zealand, with operations covering food, liquor, hospitality, and retail services. The company operates through multiple divisions, including Australian Food, Australian B2B, New Zealand Food, BIG W (large-format discount stores), and other business units. The Australian Food division is responsible for the procurement and resale of food and related products, and provides e-commerce services; the Australian B2B division offers procurement and distribution services for food and related products, as well as supply chain services to Australian commercial clients; the New Zealand Food division handles the procurement of food and beverages in New Zealand and provides retail customer services; and the BIG W division offers discounted general merchandise to Australian customers. Additionally, Woolworths Group operates retail brands such as Quantium, Petstock, and MyDeal. Woolworths emphasizes fresh food and quality management, sourcing a large volume of fruit and vegetable products directly from local suppliers, and operates Australia's largest food laboratory to ensure product quality. Woolworths Group employs over 205,000 staff in Australia, with more than 20 large distribution centers and over 750 delivery trucks nationwide.

Please note that stock market investments carry risks. The aforementioned recommendations are based on current market capitalization rankings. Market capitalization fluctuates with stock price changes and does not constitute specific investment advice. Investors should conduct thorough market analysis and risk assessment before making investment decisions.

How to trade Australian stocks on moomoo?

The steps to trade Australian stocks on moomoo are as follows:

1. Create an accountFirst, you need tocreate a moomoo account, and complete the registration process by providing the required personal information as prompted, such as your name, email address, or mobile phone number.

2. Fund your account: After your account is created and verified, moomoo provides built-in currency exchange functionality to support deposits in multiple currencies.

3. Select a trading account: In the moomoo app, select the account you wish to use for trading. For example, if you intend to trade Australian stocks, you may need to select the corresponding Australian trading account.

4. Search for stocks: On the trading interface, enter the ticker symbol or name of the Australian stock you wish to trade to perform a search.

5. Select order typemoomoo offers a variety of order types, including limit orders, market orders, and stop-loss orders. Select the order type that best suits your trading strategy.

6. Set Order ParametersEnter the number of shares you wish to buy or sell, set the price (for limit orders), and select the order validity period.

7. Place OrderReview your order details and submit the order once confirmed.

8. Monitor TradesBefore your order is executed, you can monitor market movements and your order status on the moomoo trading interface.

• “Account” > “Quick Trade” > Enter order information > Select Buy or Sell > Click Unlock Trading > Enter trading password to complete the order

• Stock Detail Page > Click “Account” > Enter order information > Select Buy or Sell > Click Unlock Trading > Enter trading password to complete the order

Please note that investment involves risks, and caution is advised when entering the market. It is recommended that you fully understand all trading rules and the background of the associated companies before trading, and consider whether they align with your investment objectives and risk tolerance. For more detailed information and operational steps, please refer tomoomoo Official Guide。