Healthcare helps ASX recover, PointsBet tumbles: ASX up 0.9% at noon

Market Reports

by Lauren Evans

The Aussie sharemarket has recovered from its heavy fall this week, opening the day in positive territory with most sectors lifting higher. The healthcare and consumer staples sectors are adding the most points while technology is performing the worst. 

Clinuvel Pharmaceuticals (ASX:CUV) is leading the market and healthcare sector higher, up 6.7 per cent with no official company news released today. However, ResMed (ASX:RMD) is trading 0.2 per cent lower despite reporting a 12 per cent increase in revenue in its December quarter update.

Supermarket giants are lifting higher with Coles (ASX:COL) up 1.7 per cent and Woolworths (ASX:WOW) trading 1.3 per cent higher. 

Heavyweight miners are making gains with Rio Tinto (ASX:RIO) up 2.9 per cent, BHP (ASX:BHP) up 2.2 per cent and Fortescue Metals (ASX:FMG) trading 1.3 per cent higher.

Meanwhile gold stocks have declined, Newcrest Mining (ASX:NCM) has fallen 7.4 per cent following its Decemeber quarter update which said they are on track to deliver their FY22 guidance. Northern Star (ASX:NST) and Evolution Mining (ASX:EVN) are trading 3.3 and 2.3 per cent lower respectively. 

Energy stocks are mixed with Woodside Petroleum (ASX:WPL) trading flat, Santos (ASX:STO) up 0.6 per cent and Beach Energy (ASX:BPT) trading 1.1 per cent lower.

Onto banks, NAB (ASX:NAB) is down 1.7 per cent, ANZ (ASX:ANZ) is down 1.4 per cent and Commonwealth (ASX:CBA) is trading 1.2 per cent lower, while Westpac (ASX:WBC) is up 0.1 per cent and Macquarie (ASX:MQG) is trading 0.7 per cent higher.

Elsewhere, PointsBet (ASX:PBH) has tumbled 7.8 per cent after its December quarter update which outlined an operating loss of $51.8 million. This is the second worst performing stock.

At noon, the S&P/ASX 200 is 0.9 per cent or 63 points higher at 6,901. The SPI futures are pointing to a rise of 54 points.

Local economic news

The Australian Bureau of Statistics released the producer price indexes for the December quarter, which rose 1.3 per cent and was up 3.7 per cent over the past twelve months.

Best and worst performers

The best-performing sector is Health Care, up 2.3 per cent. The worst-performing sector is Information Technology, down 0.1 per cent.

The best-performing stock in the S&P/ASX 200 is Clinuvel Pharmaceuticals (ASX:CUV), trading 6.7 per cent higher at $22.36. It is followed by shares in Champion Iron (ASX:CIA) and Downer EDI (ASX:DOW).

The worst-performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS), trading 7.3 per cent lower at $1.32. It is followed by shares in PointsBet Holdings (ASX:PBH) and Newcrest Mining (ASX:NCM).

Commodities and the dollar

Gold is trading at US$1797.45 an ounce.
Iron ore is 0.5 per cent higher at US$138.75 a ton.
Iron ore futures are pointing to a rise of 2.9 per cent.
One Australian dollar is buying 70.36 US cents.

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