Key takeaways: 

• A surging gold price led to notable interest in gold-related securities, including mining shares, and even ETFs tracking the commodity. 

• As global equities faltered during the early stages of the month, Selfwealth investors bought ETFs in significant volume. 

• It is important to always do your own research before making decisions to invest.  

• Past performance is not an indicator of future performance. 

It was an eventful month for global markets, and the Australian share market proved it wasn’t immune from all the action. Having tumbled nearly 10% through the early stages of the month, the ASX 200 posted a rapid recovery, eventually gaining 3.6% across the course of April. 

With the narrative centred on global trade tariffs, and subsequently turning to the prospect of future interest rate cuts by the Reserve Bank of Australia, investors had plenty to contend with. 

While the Energy sector was a laggard of sorts, the rest of the market’s sectors finished the month in the green, led by the Information Technology, Consumer Discretionary, Real Estate, and Financials sectors. 

ASX share trading activity 

Leading the way with a significant uptick in trade volumes, iron ore duo BHP (ASX: BHP) and Fortescue (ASX: FMG) caught the attention of Selfwealth investors. In the case of the former, trade volumes surged 78.3% over the month, while trades in the latter increased by 17.8%. 

While various stocks recorded increased trading activity on account of broader market volatility, iron ore stocks likely attracted increased attention given the segment’s exposure to China, and the ensuing ‘tariff war’ between the world’s two largest economies. While iron ore was not directly targeted by tariffs, shares in related companies were initially under selling pressure due to the assumed indirect impact from any slowdown in China’s overall economy. 

Over the month, trading sentiment for BHP improved 14.5 percentage points, with the large cap share recording a buy-to-sell ratio of 73.8%, meaning nearly three out of every four trades were buys. 

Elsewhere, in third position, Woodside Energy (ASX: WDS) commanded a buy-to-sell ratio of 79.6%, indicating the favourable view with which the Selfwealth community approached the stock.  

As oil prices drifted lower last month considering concerns about a global recession, so too did the share price for WDS, which at one stage circled a more than three-and-a-half year low. Of all the shares among the top 20 most traded ASX names on the Selfwealth platform, Woodside posted the highest level of buying sentiment. 

With its highest ranking for trade activity since January 2024, Macquarie Group (ASX: MQG) edged its banking peers in terms of trading popularity. In fifth place, it also recorded the second highest buy-to-sell ratio of any share from this cohort.  

Shares in MQG were down by more than 15% during the heights of last month’s market sell-off, before ultimately finishing the month lower by just 1.6%. The sell-off was likely a contributing factor to elevated trading interest in Macquarie through April, since the stock touched an 18-month low. 

One of the defining trends last month was a surge in precious metals prices, particularly the price of gold. Last month, gold reset its record high for the 28th instance this year, hitting US$3,500 per ounce. The commodity garnered favour as investors looked for a ‘safe haven’ amid market volatility, and what JPMorgan viewed as “rising recession risks” and ongoing trade tension. 

Within the Selfwealth community, investors latched onto this development. As far as gold miners, the popular trades were Evolution Mining (ASX: EVN) and Northern Star Resources (ASX: NST), which ranked 16th and 17th for the most actively traded ASX shares by trade volumes.  

However, unlike other names mentioned already, there were greater signs of selling activity across these gold stocks. One probable explanation for this would centre on the likelihood that investors took profits as both these shares rallied through April. Over the course of the month, EVN gained 10.1%, and NST advanced 4.7%, but their buy-to-sell ratios were just 43.0% and 51.2%. 

For the second month running, there was a strong increase in buying sentiment and trade volumes for ETFs.  

Vanguard’s Australian Shares Index ETF (ASX: VAS) saw its highest figure for monthly trade volumes on the Selfwealth platform since September 2022, increasing 28.4% over the month, and up nearly 70% compared with February. At the same time, buying sentiment rose to 85.7%, up 1.6 percentage points. 

ETFs with global equities exposure like the Vanguard MSCI Index International Shares ETF (ASX: VGS) and the iShares S&P 500 ETF (ASX: IVV) recorded two of their highest trade volumes of all time in the Selfwealth community, with their buy-to-sell ratios rising 2.3 and 4.4 percentage points respectively. 

In fact, buying sentiment rose across every ETF featured as part of the top 10 trades for this cohort, something that has only happened on a small number of occasions over the last five years.  

Further underscoring the precious metals trend, Global X Physical Gold (ASX: GOLD) ranked eighth for trade activity among ASX-listed ETFs. This was the first time the fund, which seeks to track movements in the price of gold, has featured among the most traded ETFs on the platform. 

Data covering money flow on the Selfwealth platform also showed that investors had significant capital tied up in gold securities.  

While Global X Physical Gold was also among the most active trades by money flow, it was joined by the Perth Mint Gold ETF (ASX: PMGOLD), which ranked 13th for trades by value. This was another first on the Selfwealth platform, with the fund having never come close to appearing among this cohort but largely benefitting from a frenzy in gold trading through April. 

Market volatility also prompted some high risk leveraged trades, with the likes of the Global X Ultra Long Nasdaq 100 Hedge Fund (ASX: LNAS), Betashares Geared Australian Equity Fund (ASX: GEAR), and Betashares Australian Equities Strong Bear Complex ETF (ASX: BBOZ) among the top 20 trades by value. Please undertake your own research and consider the risks carefully with leveraged exposure. Past trends or performance are not an indicator of future trends or performance. 

Meanwhile, the Vanguard Diversified High Growth Index ETF (ASX: VDHG) recorded an uncharacteristically high level of outflows on the platform. Just 30.9% of money flow in the popular fund was driven by buying activity, even as most trades in VDHG last month were buys. This suggests that a small cohort of unitholders with large holdings reduced their exposure, and given the sudden uptick in gold interest, it is plausible investors rotated between these assets. 

Other shares commanding strong money flow through April included Mineral Resources (ASX: MIN) and Zip (ASX: ZIP), in 15th and 17th positions respectively, while there were mixed results for the ‘Big Four‘ banks, as Commonwealth Bank (ASX: CBA) incurred outflows, NAB (ASX: NAB) and Westpac (ASX: WBC) recorded modest inflows, and ANZ (ASX: ANZ) was more or less split down the middle. 

What are the most popular ASX shares and ETFs? 

Despite a turbulent month for equities, among the top 20 most held shares on the Selfwealth platform, only one name recorded a net outflow in terms of holdings. This was none other than BHP, which in turn, dropped to fourth position. As we mentioned earlier, BHP attracted strong buying interest by volume, however, with the stock recording a net outflow in terms of money flow, overall growth went backwards. 

On the other hand, there were several stocks where the collective value of their holdings grew notably, even in the face of money flow skewing to outflows. A prime example was Commonwealth Bank, where the collective value of CBA holdings increased by 10.3%, despite nearly 60% of money flow being attributable to selling.  

To better understand the CBA trend, which may seem conflicting at first, the company’s share price tells the story. As it were, the nation’s largest bank overturned a modest loss at the start of the month to finish April with a double-digit percentage increase and set a record high. 

Wesfarmers (ASX: WES) and Fortescue were other examples of stocks that recorded a strong increase, with each delivering a monthly growth rate of 9.5% in the value of community holdings.  

The pair were two of the best performing stocks across the ASX 200 last month, rounding out April with gains of 8.8% and 5.3% respectively. Wesfarmers maintained its ranking as the 10th most held ASX share by value, while Fortescue reclaimed one place to finish in 11th spot. 

After slipping out of the top 20 last month, Pro Medicus (ASX: PME) found itself back among the big names, albeit in 19th place. It is only the fifth time the healthcare informatics company has ranked among this cohort, but with a near 15% gain throughout April, the stock comfortably surpassed some of its peers. 

And in a not too dissimilar fashion, Northern Star Resources, discussed above, made only its third appearance among the top 20 most held ASX shares by value. It is the first time since October 2024 that NST has made this list, with the booming gold price — up approximately 40% over the last year — playing a central role in the stock’s reemergence. As at May 5, 2025, NST had returned 32.3% over the preceding 12 months.  

Finally, when it comes to the most held ETFs on the Selfwealth platform, the leading names remain consistent with past months, but the Betashares Diversified All Growth ETF (ASX: DHHF) and the Vanguard Australian Shares High Yield ETF (ASX: VHY) each gained one spot in April, while also recording the largest growth rates for the collective value of all units in said funds. 

That’s all for this Trade Trends report, stay tuned for the next edition this time next month!