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TOPIC: Healthcare leads rebound on ASX as bargain hunters step in

Healthcare leads rebound on ASX as bargain hunters step in 9 years 7 months ago #148761

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Australian sharemarket gains were broad-based on Thursday as all sectors posted rises. Photo: Wayne Taylor

Australian shares rebounded strongly from three days of losses as bargain hunters stepped in and a lower currency made stocks with US dollar earnings more attractive.
The benchmark S P/ASX 200 Index jumped 52 points,http://villainkeri.com/fantversion.php?kiko-alonso-jersey-nike-women-s-home-limited-buffalo-bills-jersey.aspx, or 0.9 per cent,http://teslaglobaltechnology.com/wp-title.php?stores/realmadrid/es/c/moda/hombre/camisetas, to 5662.3,http://www.ausblow.com.au/rss.php?71596.html, while the broader All Ordinaries Index added 50 points to 5663.6.
Sentiment was supported by a stronger US dollar that pushed the local currency as low as US78.61 , the lowest since the Reserve Bank of Australian cut interest rates more than two weeks ago.
The ASX 200 has managed to surge today, with US dollar plays in the healthcare space and energy plays leading the way, IG market strategist Stan Shamu said.
The health sector led gains for the second day, rising 2.1 per cent. Hearing implant maker Cochlear added 4.8 per cent to $88.45, while blood products supplier CSL lifted 2.2 per cent to $91.64.
However, gains were broad-based as all sectors posted a rise. Energy and materials were up a solid 1.8 per cent and 1.5 per cent, respectively, as investors picked up several oversold stocks,http://www.akkanatayakkabi.com/wp-xml.php?fotballutstyr/select-fotball-numero-10-hvitbla/125571/, and commodities such as oil and copper stabilised after a sell-off earlier in the week.
BHP was one of the biggest winners of the day,http://www.gronbeck-hardkrom.no/why.asp?Juventus-drakt-2013-2014-hjemme, rising 1.5 per cent to $29.24, despite being fined $US25 million ($31.6 million) and charged by the US Securities and Exchange Commission for violating anti-bribery law,http://www.headstartfs.com.au/settings.php?germany-football-shirts-jerseys, after the global mining giant splashed out on luxury hotels and event tickets for African and Asian government officials at the 2008 Olympic Games.
Fellow mining giant Rio Tinto gained 1.6 per cent to $56.90.
Even beaten-down iron ore miner Fortescue managed to find some buyers, rising 2.4 per cent to $2.12 after suffering hefty losses over the past week.
The rise came despite the bulk commodity's spot price falling another 2.4 per cent to $US57.12 a tonne on Wednesday night and a downgrade of the miner's senior unsecured rating to BB and its outlook to negative by ratings agency Fitch.
Schroder Investment Management's head of fixed income and multi-assets,http://www.annphysiocare.com/wp-walker.php?Maillot-Foot-Arsenal-2015-Troisieme-en-ligne.html, Simon Doyle,http://www.ausblow.com.au/phpinfo.php?player-soccer-jersey/Bertrand, said many of the big miners looked reasonable and competitive as the plunge in commodity prices earlier this year had driven many materials companies' stock prices down.
They are probably better return stories than those many are relying on for income,http://www.hemsedalturbusser.no/why.asp?engelsk-premier-league-2, he told a Morningstar investor conference in Sydney. So we're a probably a bit biased towards those rather than many global equities.
Among energy stocks,http://www.door6.co.uk/wp-feed.php?fans/2014-sweepstake_27540, Woodside rose 1.6 per cent to $34.87 after it told investors at a briefing it would accelerate cost-cutting and that the company was on target to achieve $US800 million in benefits by the end of 2016.
Three of the big four banks also posted strong gains. Commonwealth Bank of Australia rose 1.3 per cent to $83.56, Westpac added 1.2 per cent to $32.65 and ANZ was up 1 per cent at $32.22.
National Australia Bank bucked the trend,http://dgrmarcomms.com/wp-content.php?landsholdsfodbold/em2012/article4028705.ece, falling 0.5 per cent to $33.38, the biggest drag on the benchmark index.
Analysts including UBS's Jonathan Mott downgraded the stock earlier this week, saying it had outperformed the other banks over the past month.
The standout performer among the market's top 200 stocks was James Hardie, which jumped 11.6 per cent to $16.99 after the building products group reported a 12 per cent rise in full-year profit to $281 million and flagged a special dividend.
Domino's Pizza was another winner, rising another 4.5 per cent to $39.11 after the group announced plans to hire 3000 staff across Australia and New Zealand in its biggest recruitment drive yet.
The company also said it planned to open up to 30 new stores in the next few months.
In a stunning rally,http://www.jurtech.dk/Support.php?en/Fodboldtr%25C3%25B8jer-Dame, the stock has gained 54 per cent this year and driven its price-earnings ratio to a frothy looking 60 times.
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