Healthcare sector drives gains: ASX tracking 0.3% higher at noon

Market Reports

by Rachael Jones

Australian shares opened higher this morning driven by gains in the healthcare sector and have continued to rise throughout the morning - now tracking 0.3 per cent higher at noon. Pilbara Minerals (ASX:PLS) extended their gains following on from yesterday. Shares in Resolute Mining (ASX:RSG) and Evolution Mining (ASX:EVN) both took a dip today ending up on the worst performers list. The best-performing sector is Healthcare while the worst performing sector is Utlities.

The S&P/ASX 200 index is 20 points up at 6,196. On the futures market the SPI is 14 points higher.

Company news

Infant formula maker Bubs Australia's (ASX:BUB) shares have been placed in a trading halt pending an announcement release. It's believed there could be a proposed acquisition and capital raising. The trading halt could last until Tuesday. Back in February this year Bubs entered into a long term supply agreement with Tatura and earlier this month signed a marketing and distribution partnership with Chinese dairy producer Beingmate. Shares in Bubs Australia (ASX:BUB) last traded at $0.81.

Best and worst performers

The best-performing sector is Healthcare, adding 0.9 per cent, while the worst performing sector is Utlities, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is Pilbara Minerals (ASX:PLS), rising 4.7 per cent to $0.84, followed by shares in Estia Health (ASX:EHE) and Orocobre (ASX:ORE).

The worst performing stock in the S&P/ASX 200 is Evolution Mining (ASX:EVN), dropping 3.4 per cent to $3.66, followed by shares in Saracen Mineral Holdings (ASX:SAR) and Resolute Mining (ASX:RSG).

Commodities and the dollar

Gold is trading at US$1,292 an ounce.
Iron ore price fell 0.5 per cent to US$84.68
Iron ore futures are pointing to a rise of 0.7 per cent.
One Australian dollar is buying 70.86 US cents.