Australian healthcare stocks remained unmoved in first half of 2023

Cochlear

30/06/2023 24:20

** Australian healthcare index  .AXHJ  was unchanged in H1,
witnessing a dull first half marred by perceived banking sector
instability and rate hikes aimed at battling inflation
    ** The sub-index was underperforming compared to broader ASX
200 benchmark index  .AXJO , which rose 0.2%, in the same period
 
    ** Biotech giant and the country's priciest stock CSL Ltd
 CSL.AX  was tracking a 3.5% decline in first half
    ** CSL early this month flagged an exchange rate hit to
fiscal 2023 profit and signalled next year's would also be far
below analyst forecasts  urn:newsml:reuters.com:*:nL4N38546N
    ** Major losers on the sub-index were biopharma firm Imugene
Ltd  IMU.AX , plummeting about 38.6% during H1, and medical
device developer PolyNovo Ltd  PNV.AX , which skid about 23.3%
    ** On the other hand, radiopharma co Telix Pharmaceuticals
 TLX.AX , which recently hit an all-time record high at A$12.71
on acquiring a UK-based medical device firm, was tracking a near
57.4% jump in H1
    ** Shares of Sonic Healthcare  SHL.AX  rose over 20% in H1
on acquiring clinical laboratories in Germany and Switzerland,
thus beefing its infrastructure portfolio
    ** Brokerage UBS holds medical equipment maker Resmed
 RMD.AX  as its top pick within the sector; sees opportunity for
CSL, and Telix Pharma
    ** UBS remains "Neutral" on Ansell Ltd  ANN.AX  and Cochlear
 COH.AX ; holds "Sell" on Sonic Healthcare  SHL.AX  
    

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Australian healthcare stocks performance in H1    https://tmsnrt.rs/3NNB91A
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 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))