Australia healthcare index scales new top. Australian shares thrust off the month on a positive note, aided by healthcare and financial stocks, as investors praised strong domestic home prices data while ignoring concerns over fresh uncertainty around the Sino-U.S. trade deal.
The healthcare sub-index gained as much as 1.2% to a record high, with medical tech firm Avita Medical Ltd growing up to 4% to be the top percentage gainer, while benchmark heavyweight CSL Ltd climbed about 2%. The executive director of corporate stockbroking at Argonaut, James McGlew said, “One of the most appealing factors about healthcare stocks is that earnings tend to be very predictable for them. Also, one of the major drivers in Australia for healthcare is the ageing demography and the players who are into aged care services stand to benefit a lot”.
The financials index added up to 0.7%, with all the ‘Big Four’ lenders gaining between 0.2% and about 1%, after home prices data released before market-opening providing the motivation. It was the fifth straight month of profits and a potential boon for consumer spending power after a two-year downturn flaked away at household wealth and confidence.