Australian healthcare stocks remained unmoved in first half of 2023
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;))