Here are 6 of the best performing ASX shares in 2024! Will they maintain the momentum in 2025?

Here are 6 of the best performing ASX shares in 2024!

Mesoblast (ASX:MSB) – up 527%

How about this for a turnaround? This stock would’ve found itself in the list of worst performing shares for at least 2 of the last 3 calendar years (2021 and 2023) when it shed over 66% both years. It lost over 35% in 2022. This company has had so many setbacks headlined by regulators’ refusal to accept clinical data even when it appeared positive.

But the wheels began to turn in late March when the DA finally had good news for it – that it finally had sufficient data to support a filing of remestemcel-L for graft versus host disease. Mesoblast put its case in June and the FDA accepted its Biologics License Application (BLA) in July.

And so remestemcel-L (now known as Ryoncil is the first allogenic ‘off-the-shelf’ cellular medicine in the US and the first cell therapy for children up to 18 with graft versus host disease (specifically steroid refractory acute graft versus host disease). To top the year off, the company announced in December that the FDA granted it Rare Paediatric Disease Designation (RPDD) and Orphan Drug Designation (ODD) for congenital heart disease.

Findi (ASX:FIN) – up 395%

For so many years, there were so few ASX stocks focused on India and practically none could make money – at least to the extent to get investors excited. Whilst the first half of that statement is still true, the second is no longer true. Find operates several thousand ATMs in India, including for some of the county’s largest financial institutions.

Momentum just has not stopped as it has continued to win partnerships. One of the more recent was a $75m contract with Tata’s communications business. Investors were told to expect $80-90m revenue for FY25, before that deal.

Zip (ASX:ZIP) – up 372%

So many other BNPL stocks crashed and burned as interest rates burned, and Zip was tipped to suffer that fate. But it has not, and is in fact stronger than ever.

It closed FY24 with A$868m in revenue (up 28%), $10.1bn TTV (up 14%) and 79.3k merchants (up 10%). 5 years ago these figures were just $84.2m, $1.1bn and 16.2k. The company’s future will be fascinating with co-founder Larry Diamond announcing his departure a few weeks back.

Titomic (ASX:TTT) – up 325%

Titomic was one of several additive manufacturing companies that was on the ASX several years ago. Now, it is one of the few that is substantially ahead of where it was.

Titomic is not just any additive manufacturer but it specialises in ‘cold spray’ additive manufacturing. It is a technique for fusing powdered metals, ceramics or polymers without melting them. It can be used to quickly repair worn or damaged components – or as a form of additive manufacturing to rapidly build parts layer by layer. A spraying nozzle is used to shoot a heated high-pressure carrier gas (like air, nitrogen or helium) to accelerate particles through at high velocity. They interlock mechanically and bond metallurgically as this happens. This is not necessarily at a ‘cold’ temperature but it is below temperatures so hot that the materials would melt.

In FY24, it did not have the most impressive results with just $5.9m revenue and $10m in orders. Plus it made a net loss of $11.9m on a statutory basis and $6.3m on an underlying basis. But what investors are excited about is the list of blue-chip clients including Airbus, Woodside and the Royal Netherlands Army.

Southern Cross Gold (ASX:SXG) – up 248%

Despite the performance of gold as a commodity in 2024, there are few gold stocks that have stood out as good performers. And you wouldn’t expect many in Victoria given it is perceived as an anti-business state and the Gold Rushes were back in the 19th century.

But Southern Cross Gold is one company that has stood out, all because of its Sunday Creek project that lies just 60km away from Melbourne. Believe it or not, but even though the gold rushes of the 1800s are gone, Victoria is producing more gold than it has for the past century and has 5 operating mines today, producing 500,000/oz per year.

Southern Cross is at an exploration phase but has drilled 152 drill holes for 67.6km of drilling and has achieved good results. 50 individual intersections >100 gold equivalent g/t. But it is also exploring for antimony, which is another critical metal used in semiconductor manufacturing.

Nuix (ASX:NXL) – up 243%

Once one of the most controversial companies on the ASX, Nuix has turned a corner. It developed an algorithm that enables unstructured data to be made searchable and provides the structure for more elaborate analysis. Its early listed years were terrible due to legal investigations and missed forecasts.

But things have turned around. In FY24, the company made $220.6m revenue (up 21%) and $55.9m EBITDA (up 60%). Its Annualised Contract Value (ACV) came in 14% higher, at $211.5m, and investors have been told to expect ~15% growth for FY25. 

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