“Within that you have got Woodside which took over the BHP petroleum assets, so that sort of assisted Woodside in having a better return for the year.”

Woodside was another of the year’s best performers, surging 61.6 per cent.

Information technology stocks were the hardest hit in 2022, following a lead from the US where the tech-heavy Nasdaq is down 33 per cent for the year. The tech sector in Australia closed down 34.8 per cent, but makes up a small part of the overall index. Novonix Limited suffered in that sector, falling 84 per cent for the year, along with Megaport Limited, which slumped 66 per cent.

“Tech stocks benefitted from the pandemic, with people stuck at home. So that aspect which was driving growth suddenly stopped,” Oliver said.

Although negative sentiment and a plethora of factors weighed on the index, the S&P/ASX200 has been gaining most years. Coronavirus threw a spanner in works for investors, and the index plummeted in March 2020 as the pandemic took hold, but overall the market has been growing, and is about 2400 higher than this time 10 years ago.

Looking to 2023, Sidney said that there were a few external factors that could move the market in the New Year.

“Probably the key things, you’ve still got the Russia-Ukraine war, so a resolution there would be positive. And in terms of China, if they can get a hold of their COVID-19 situation that would be positive, and they are looking to stimulate their economy.”

Other concerns that negatively affected the market in 2022 were rising interest rates and inflation, said Oliver, coupled with fears of a recession, which will linger into the New Year.

“The problem is [that] these fears are going to be around for a while yet. So, it could well be the case that as long as the recession wave fears are around, and the US Fed is still raising interest rates, that markets could remain under some downward pressure.”

For Oliver, the main things for investors and the market to look forward to in 2023 are a decline in inflation, likely peaking interest rates, and improvements in China.

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