Aussie healthcare stocks post biggest half-year drop since 2008 financial crisis

Imugene

30/06/2022 01:05

** Australian healthcare index  .AXHJ  set to plunge over
12% in first-half of FY22, on track for its worst half-yearly
decline since June 2008
    ** Leading losses on the index are biopharma firm Imugene
Ltd  IMU.AX , plummeting a little over 50% during 1H, followed
by disinfectant manufacturer Nanosonics Ltd  NAN.AX , which skid
45.8%
    ** Losses in tandem with broader market  .AXJO , which fell
10% in H1 due to a confluence of factors including the
Russia-Ukraine war, and recession fears sparked by aggressive
interest rate hikes by major central banks
    ** Citi analysts see diagnostic services providers and glove
makers continue to be impacted by healthcare cost inflation and
lower healthcare services volumes due to manufacturing
disruptions caused by COVID-19 in 2H 2021
    ** Shares of Sonic Healthcare  SHL.AX , Healius Ltd  HLS.AX 
and Ansell Ltd  ANN.AX  fall between 28% and 30% in H1 
    ** Biotech giant and the country's priciest stock CSL Ltd
 CSL.AX  also gave up 7.2% in the first half
    ** Hospital operator Ramsay Health Care  RHC.AX  is the only
stock to outperform the index, climbing 2.4% in 1H after a group
led by private equity giant KKR & Co Inc  KKR.N  made a near-$15
billion buyout bid for RHC  urn:newsml:reuters.com:*:nL3N2WH3KT

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))