Healius (ASX:HLS) completes sale of its Medical Centres business: ASX is tracking 0.7% higher at noon

Market Reports

by Rachael Jones

The Australian share market rose at the open and is now tracking 0.7 per cent higher at noon. Shares in Mesoblast (ASX:MSB) did well today. Meanwhile, shares Insurance Australia Group (ASX:IAG) dropped today despite the company successfully completing a $650 million institutional placement.

The S&P/ASX 200 index

The S&P/ASX 200 index is 47 points up at 6,586. On the futures market the SPI is suggesting a rise of 50points.

Broker moves

Citi rates City Chic Collective (ASX:CCX) as Upgrade to a Buy from a Neutral. In its update, City Chic has noted 18.7 per cent comparable growth in sales, excluding the Victorian stores which were closed. Citi expects Australian online sales were likely up more than 50 per cent. The company plans a new website in Australia, targeting a lower price point and more conservative fashion style. This will leverage the Avenue range.Target price is $3.20. Shares in City Chic Collective (ASX:CCX) are currently 4.44 per cent up at $2.82.

Company news

Healius (ASX:HLS) has completed the sale of its Medical Centres business, called Healius Primary Care, to funds managed by BGH Capital. Healius has received cash proceeds of $483 million, which represent $500 million enterprise value adjusted for future earn-outs to be funded by BGH Capital, movements in working capital and separation and completion costs to-date. Shares in Healius (ASX:HLS) are currently up 0.57 per cent at $3.55.

Best and worst performers

The best-performing sector is Materials adding 2.2 per cent, while the worst performing sector is Real Estate Investment Trust shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is Meoblast (ASX:MSB) rising 6.3 per cent to $3.87, followed by shares in Fortescue Metals Group (ASX:FMG) and Ampol (ASX:ALD).

The worst performing stock in the S&P/ASX 200 Insurance Australia Group (ASX:IAG) dropping 5.77 per cent to $5.15, followed by shares in Avita Therapeutics (ASX:AVH) and Unibail-Rodamco-Westfield (ASX:URW).

Commodities and the dollar

Gold is trading at US$1,874 an ounce.
Iron Ore Price has added 0.7 per cent at $128.83.
Iron ore futures are pointing to a rise of 0.2 per cent.
One Australian dollar is buying 73.20US cents.

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