S&P/ASX All Ordinaries Index (ASX: XAO) shares rose by 7.55% in 2024 to finish the year at 8,420.5 points on 31 December. The total gross return, including dividends, was 11.44%.
The ASX All Ords slightly outperformed the benchmark S&P/ASX 200 Index (ASX: XJO) in terms of growth. The ASX 200 lifted 7.49% to 8,159.1 points and also delivered total gross returns of 11.44%.
Here are the five best-performing ASX All Ordinaries shares in terms of capital growth for 2024.
5 best ASX All Ordinaries shares for price growth in 2024
1. Mesoblast Ltd (ASX: MSB)
ASX All Ordinaries biotech share Mesoblast shot the lights out in 2024, rising a staggering 900% to close at $3.10 apiece on 31 December.
Mesoblast is a clinical-stage biotech that develops allogeneic cellular medicines for complex diseases.
After many years of studies, Mesoblast finally gained approval from the United States Food and Drug Administration (FDA) for its lead drug Ryoncil, or remestemcel-L, last month.
The FDA had previously rejected the drug and demanded additional trials and data.
Ryoncil is the first approved treatment for steroid-refractory acute graft versus host disease (SR-aGvHD) in children aged two months and older.
It is also the first mesenchymal stromal cell (MSC) therapy approved in the US for any disease.
2. Zip Co Ltd (ASX: ZIP)
Zip was easily one of the greatest comeback stories of the year in 2024. The ASX All Ordinaries financial share soared 352.5% higher to close at $2.96 on Tuesday.
The buy now, pay later company has inspired new confidence among investors after abandoning plans for global expansion to instead focus on profitability.
Wilson Asset Management portfolio manager Tobias Yao expects continued 'strong momentum' for Zip.
3. Appen Ltd (ASX: APX)
ASX All Ords tech share Appen ripped 319.1% higher in 2024 to close at $2.64 on Tuesday.
Appen is benefitting from the rising artificial intelligence (AI) investment megatrend.
The data sourcing and annotation provider announced a return to underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) profitability in 3Q FY24.
4. IperionX Ltd (ASX: IPX)
This ASX All Ordinaries materials share soared 295.68% to finish the year at $5.50 per share.
IperionX's mission is to be a leading developer of sustainable critical mineral and material supply chains in the US to help facilitate the transition to a circular, low-carbon global economy.
Its first goal is to become "the first name in American titanium". Titanium has the potential to be substituted for widely used higher-carbon metals such as stainless steel and aluminium.
5. Nuix Limited (ASX: NXL)
The Nuix share price rocketed 232.63% higher in 2024 to close at $6.32 per share on 31 December.
Nuix provides specialised software for analysing large data sets.
Blackwattle Investment Partners rates Nuix shares "the best exposure to the AI thematic on the ASX".
Portfolio managers Robert Hawkesford and Daniel Broeren say:
As the size of the company increases (now greater than A$2bn), more investors are becoming aware of the transformation that has taken place under CEO Jonathan Rubinsztein.
NXL is arguably the best exposure to the AI thematic on the ASX given its capital-light growth and recurring revenues.
