Address

Precise Investors

Friday, December 2, 2022
Stocks & Shares

ASX rises on health stock boost

asx

The benchmark S&P/ASX 200 added 0.9 per cent to finish 62.8 points higher at 7355 points

Australian stock market shrugged off weak sessions in Wall Street and Europe to stage a one-day rally on Tuesday, despite rising COVID cases in Australia.

The ASX’s (Australian Securities Exchange) strength came from the healthcare sector, where diagnostic companies got a boost from a pre-Christmas surge in COVID-19 testing.

The benchmark S&P/ASX 200 added 0.9 per cent to finish 62.8 points higher at 7355 points. This was the best one-day gain in two weeks with 140 companies closing higher, but volumes were thin.

Japan’s Nikkei surged nearly 2 per cent as volatility lured day-traders into the market, according to Oanda’s senior market analyst in Asia Pacific, Jeffrey Halley.

Asian equities are mostly higher today, thanks to a wave of short-covering sharply lifting US index futures in ever thinner liquidity, he said.

We are one headline away, be it Omicron or something else, from normal service resuming. I’ll say it again, December is about V for Volatility and not directional market trends. Searching for conspiracies or rays of hope on every intraday move is a fool’s errand, he said.

On the ASX, healthcare giant CSL advanced 4.9 per cent to $287.21, the best one-day gain since August.

Medical diagnostics company Sonic Healthcare finished at a new high of $45.47 as investors hoped it would soon follow Australian Clinical Labs (ACL) in upgrading guidance due to higher COVID testing levels.

ACL climbed 12.2 per cent to $5.60. It floated in May at $4.

Cochlear added 3.9 per cent, Nanosonics rose 7.5 per cent, and Ramsay Health finished 3.1 per cent higher at $70.31.

Afterpay shares hit a 14-month low of $80.21 during trade after agreeing to issue 6.5 million shares to US venture capital fund Matrix Partners.

Important:

The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply