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ASX closes higher as Telix Pharmaceuticals leads healthcare surge

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The news: The Australian stock market surged higher as Telix Pharmaceuticals led gains in the healthcare sector.

The benchmark ASX 200 rose 1.03% to end at 8,990.9 with 10 out of the 11 sectors finished in the green.

The healthcare sector (+2.1%) was the best performing sector after Telix upgraded its revenue guidance overnight. CSL (+2.6%), Pro Medicus (+1.9%) and Cochlear (+1%) also posted gains.

Biggest movers:

  • Articore Group (+35.4%) – Announced a 5% year-on-year increase in gross profit compared to the previous corresponding period, according to unaudited financial results. This is the first profitable Q1 in four years.
  • IperionX (+11%) – Shares lifted on the release of its US annual report.
  • Domino’s Pizza Enterprises (+3.4%) – US counterpart Domino’s Pizza Inc (DPZ) provided limited insight on Domino’s Pizza Enterprises (DMP) growth plans alongside its Q3 earnings report released overnight, although Citi analysts said DMP’s store closure program seems to be near completion.
  • Iltani Resources (+10.9%) – Received an $8 million investment commitment through QIC’s Critical Minerals and Battery Technology Fund.
  • DroneShield (-9.6%) – Continued its week-long retreat from a record high.
  • GrainCorp (-4.2%) – Bell Potter analysts downgraded their recommendation on the commodity trader’s stock from ‘buy’ to ‘hold’ but left its target price unchanged.
  • Evolution Mining (-2.9%) – One of the worst performers across the ASX200 after it reported lower-than-expected production for the first quarter.

Other news:

  • Seven West Media (+2.2%) and Southern Cross Media (-0.6%) – The Australian Competition and Consumer Commission is investigating the competition implications of the proposed merger between Southern Cross Media and Seven West Media.
  • Westpac (+2%) – The Australian Prudential Regulation Authority said it will remove the $500 million capital overlay applied to Westpac, after the banking giant completed its multi-year risk transformation program required by the regulator.
  • Commonwealth Bank (+1.5%) — Held its annual general meeting and confirmed that its chief executive Matt Comyn would continue in the role for the next three years.
  • Bank of Queensland (+1.4%) – Posted full-year earnings that were largely in line with expectations.
  • Regal Partners (-0.3%) – Funds under management hit $20 billion in the September quarter.

What’s ahead:

  • RBA governor Michele Bullock is participate in a fireside chat at the Nomura Research Forum in Washington DC tomorrow at 6:45am AEDT.
  • The Australian Bureau of Statistics will release employment data for September tomorrow at 11:30am AEDT.

By Brandon How