Zip Co, Mesoblast among ASX's best performers in 2024

Two former internet messageboard darlings that fell from grace a few years ago have been the year's biggest winners on the Australian Securities Exchange.

Zip Co was the year's biggest gainer among the 200 companies in the ASX200 after its shares closed out 2024 at $2.96, up 366 per cent from their 63.5 cents price from a year ago.

For the broader All Ordinaries, which has 500 components, Mesoblast was by far the biggest winner with a tenfold return. MSB shares finished 2023 at 31 cents and ended 2024 at $3.10.

Both companies rode a wave of interest during the COVID-19 lockdowns, when interest in the market rose and stimulus measures led to surging share prices.

Zip shares soared from around $1 at the start of 2019 to a peak of over $12 in early 2021, only to fall as low as 25.5 cents in 2023, while Mesoblast shares climbed to nearly $5 in August 2020 only to drop as low as 25.5 cents in February 2024.

The company's stem-cell based treatment for children with acute graft versus host disease - a complication of bone marrow transplants - was finally approved by US regulators on December 18, leading to its strong gains.

Seven other ASX200 components had their share prices more than double this year: Life360 (up 198.2 per cent), Sigma Health (161.7 per cent), Pro Medicus (161.4 per cent), Telix Pharmaceuticals (144 per cent), Pinnacle Investments (130.9 per cent), Clarity Pharma (120 per cent) and Technology One (105.2 per cent).

On the flip side, lithium developer Liontown Resources was the year's biggest ASX200 loser. Its shares fell 68.2 per cent from where they began as lithium prices plunged.

Star Entertainment (down 63.1 per cent), Coronado Global Resources (down 55.9 per cent), Audinate (down 54.2 per cent), Lifestyle Communities (down 52.0 per cent) and Mineral Resources (down 50.8 per cent) also lost more than half their value.

Among companies in the All Ordinaries, Appen rose 319.1 per cent in 2024, while Bowen Coal dropped 92 per cent, falling from 10 cents to 0.8 cents.

Aristocrat Leisure was the standout among the 20 companies in the ASX20, rising 69.4 per cent, while Fortescue led losers with a 30.3 per cent drop.

Among widely held companies, Telstra gained 5.8 per cent and CBA added 41.2 per cent, while BHP lost 17.2 per cent and Woolworths dropped 14.2 per cent.

Westpac delivered a 48.4 per cent return, including dividends, while Rio Tinto dropped 8.6 per cent.

Sectorwise, the ASX's tech sector was the best performer with a 49.5 per cent gain in 2024, while energy was the worst laggard with a 18.8 per cent loss.

Financials gained 28.2 per cent while materials/mining lost 17.3 per cent.