ResMed (ASX:RMD) shares on the up as profit rises 19%: ASX tracking 0.7% at noon

Market Reports

by Rachael Jones

The Australian share market jumped up at the open and is now tracking 0.7 per cent higher at noon. Medical device maker ResMed (ASX:RMD) shares soared this morning after releasing their first quarter results. Sandfire Resources (ASX:SFR) dropped today after acquiring all the shares of copper company MOD Resources earlier this week.

As for the sectors, Healthcare is leading the way and Industrials lagging behind – the only sector in the red at noon.

The S&P/ASX 200 index is 45 points up at 6,738. On the futures market the SPI is 44 points higher.

Company news

Medical device maker ResMed (ASX:RMD) shares soared to an all-time high today after their first-quarter operating profit was up 19 per cent to $US171.1 million. ResMed, which makes products to treat sleep apnea, said revenue for the three months to September 30 16 per cent to $681.1 million, that’s up 17 per cent on a constant currency basis. ResMed’s CEO Mick Farrell says “We’re well on our way to improving 250 million lives in out-of-hospital healthcare in 2025.”
Shares in ResMed (ASX:RMD) are trading 11.5 per cent higher at $20.75.

Best and worst performers

The best-performing sector is healthcare, adding 1.9 per cent, while the worst performing sector is Industrials, shedding 0.02 per cent.

The best performing stock in the S&P/ASX 200 is ResMed (ASX:RMD), rising 11.5 per cent to $20.75, followed by shares in Resolute Mining (ASX:RSG) and Gold Road Resources (ASX:GOR).

The worst performing stock in the S&P/ASX 200 is Cleanaway Waste Management (ASX:CWY) falling 13.9 per cent to $1.83, followed by shares in Bingo Industries (ASX:BIN) and GWA Group (ASX:GWA)

Commodities and the dollar

Gold is trading at US$1,502 an ounce.
Iron ore price rose 0.8 per cent to US$87.34
Iron ore futures are pointing to a rise of 1 per cent.
One Australian dollar is buying 68.20 US cents.