Best ASX 200 stocks to buy and hold in 2024

By:
on Apr 19, 2024
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  • The ASX 200 index has retreated in the last three weeks.
  • The retreat has coincided with the decline of other global indices.
  • We explain why MAQ, Genesis Minerals, and GQG have more room to go.

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Australia’s ASX 200 index has come under intense pressure as it joined global stocks in a major sell-off. It has plunged in the past three straight weeks, erasing most of the gains it made earlier this year. It was trading at A$7,500 on Friday, much lower than the year-to-date high of A$7,912.

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The ASX 200 index has plunged as concerns about reflation have continued recently. In the US, the headline Consumer Price Index (CPI) has failed to move below the crucial point of 3%. Instead, it jumped to 3.5% in March while the core CPI moved to 3.8%, almost double the Fed target of 2.0%.

Therefore, the view among most analysts is that the Fed and the Reserve Bank of Australia (RBA) will take longer to start cutting interest rates. Besides, the ongoing Iran and Iran crisis is pushing energy prices higher. So, here are some of the best ASX 200 index stocks to buy and hold this year.

Macquarie Technology Group

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Macquarie Technology Group (ASX: MAQ) is a company that provides technology solutions to companies and the government. It was initially known as Macquarie Telecom before changing its name this year.

There are a few reasons to buy and hold the stock but my focus in this report is its technicals. As shown above, the weekly chart shows that it has been in a strong bull run in the past few months.

It has constantly moved above the 50-week and 200-week moving averages. Most importantly, the stock has formed a cup and handle pattern, one of the top continuation signs in the market. 

It has now moved to the upper side of this pattern. Most recently, it has been forming the handle section of the pattern. Therefore, there is a likelihood that the stock will blast upwards as buyers target the psychological point at $100.

macquarie technology group

Genesis Minerals

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Genesis Minerals (ASX: GMD) is another ASX 200 stock to buy as the price of key metals jump. It has already jumped by more than 34% in the past 12 months and is loitering near its highest level since 2011. 

Genesis Minerals stock will likely continue doing well because of the ongoing gold price bull run. Gold has soared to over $2,400 and analysts at Citigroup believe that it could soar to over $3,000. 

Genesis will benefit from the rising price and its growing production. It produced 30,473oz in the first quarter and the management believes that the trend will continue. It also has a strong balance sheet, with over $180 million in cash and bullion and no debt.

Other gold mining stocks in Australia will likely continue doing well as the price rally accelerates.

GQG Partners

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GQG Partners is a big ASX 200 company in the financial services industry. It is an investment company that manages funds for individuals and institutional investors from around the world. It has over $143 billion in assets under management (AUM).

GQG Partners share price has done well as other global asset management companies like Blue Owl, Apollo Global, and Partners Group have all surged to a record high.

Investors are loving GQG’s growth trajectory. For example, it ended last year with $120 billion in assets. By March, it had $143 billion. Its annual revenue rose by 18.5% in 2023 to over $507 million. 

GQG is a young company that was established by Rajit Jain in 2016, meaning that it has more room to grow in the next decade.

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