Surging healthcare stocks and a boost from the world largest miner was unable to lift the Australia sharemarket on Tuesday \u2013 which has now fallen for five straight trading sessions. <\/p>\n
The benchmark ASX200 slipped by 3.20 points or 0.04 per cent, to 9070.00, while the broader All Ordinaries also taking a drop of 4.80 points, or 0.05 per cent, to 9274.20<\/p>\n
The Australian dollar is buying about 70.97 US cents. <\/p>\n
On a mixed day of trading, five sectors rose and six fell.<\/p>\n
The healthcare sector lead the way, booming to a finish of 7.81 per cent, while the energy sector was up 0.99 per cent.<\/p>\n
The materials sector rose thanks to results from BHP, which closed 2.65 per cent higher to $63.85, while other major miners Rio Tinto slid 0.55 per cent to 167.40 and Fortescue dragged 0.39 per cent to $17.68. <\/p>\n
Despite this success, the price of copper finished down by 0.55 per cent to $6.57 <\/p>\n
Healthcare heavyweight CSL lead the charge for the healthcare sector, despite recording significant losses, while Cochlear shares also rallied 7.58 per cent to $141.20 on a strong earnings update. <\/p>\n
CSL stock increased by 17.25 per cent to $157.82.<\/p>\n
Pro Medicus also boomed by 11.88 per cent to $196.75, following the release of their annual report which recorded a 24.1 per cent underlying profit of $144.7m.<\/p>\n
Implant company Cochlear also reported major growth with a 7.58 per cent increase to $141.20.<\/p>\n
VanEck deputy head of investments and capital markets Jamie Hannah said the uptick in CSL was surprising, coming off the back of strained results in their annual report.<\/p>\n
\u201c(CSL) were slightly ahead of expectations, but the markets really picked up on the fact that they\u2019re looking to grow next year \u2026 and it\u2019s pushed them up a huge amount, nearly offsetting the entire fall for the year.\u201d<\/p>\n
\u201cIt\u2019s quite incredible. I think you have to question whether or not the earnings results are reflective of the movements that we\u2019re seeing on the market. Certainly for this earning season.\u201d<\/p>\n
\u201cIt\u2019s adding a lot of onus on companies to perform, otherwise they\u2019re punished quite heavily on the market.\u201d<\/p>\n
Mr Hannah said the spike in the energy sector was likely caused by a spike in oil prices and strong increases reported from the mining company. <\/p>\n
\u201cThe oil price hit $91 US. So that always produces an uptick in energy stocks generally,\u201d he said.<\/p>\n
\u201cAnd then we\u2019ve got BHP results, which came out today, and that was a relatively stronger result as well.\u201d<\/p>\n
The big four banks also experienced negative growth across the board.<\/p>\n
CBA was down 1.44 per cent, ANZ dipped 0.53 per cent and Westpac slipped 1.17 per cent.<\/p>\n
In company news, the A2 Milk Company recorded a 8.58 per cent increase after falling 3.26 per cent on Monday following the release of its results. <\/p>\n
Reliance Worldwide also soared by 24.65 per cent with $4.50 per share after US giant Brookfield announced a $4.1bn bid for the company. <\/p>\n","protected":false},"excerpt":{"rendered":"Surging healthcare stocks and a boost from the world largest miner was unable to lift the Australia 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