Australia: Shares rise as CSL boosts healthcare stocks

[BENGALURU] Australian shares closed higher on Wednesday (Feb 16), lifted by gains in healthcare stocks after biotech firm CSL beat half-year earnings estimates and said it expected its blood plasma collection business to return to pre-pandemic levels.

The S&P/ASX 200 index rose 1.1 per cent to 7,284.90, following a 0.5 per cent drop on Tuesday.

Healthcare stocks led the gains, climbing 6.2 per cent. CSL jumped 8.5 per cent in its best day since Mar 30, 2020, after the biopharmaceutical giant said the underlying demand for its blood plasma products was still quite robust.

"Health stocks are certainly on the consciousness of investors," said Brad Smoling, managing director of Smoling Stockbroking.

"I don't see any downside factors that would cause a problem for them at this stage."

Miners lost 0.5 per cent in their third straight session of losses, as iron ore prices tumbled due to fears of a China clampdown amid price misinformation warnings.

Fortescue Metals Group slid 2 per cent after the world's fourth-largest iron ore miner said its first-half profit tumbled a third.

Among other miners, BHP Group slipped 1.8 per cent, while Rio Tinto was up 0.2 per cent.

Santos slumped 2.8 per cent, dragging the energy index down 0.7 per cent after the oil and gas firm said it might not make final go-ahead decisions on its Alaska and Australia oil projects.

Technology stocks rose 1.2 per cent, tracking Wall Street's sharp rise overnight on signs of de-escalating Russia-Ukraine tensions.

Block's Australian shares, Computershare and WiseTech Global advanced between 1.1 per cent and 2.7 per cent.

Australia's central bank is scheduled to release the country's employment data on Thursday, which analysts expect to be line with expectations and give further cues on the state of the economy.

New Zealand's benchmark S&P/NZX 50 index rose 1.5 per cent to 12,121.89, with construction firm Fletcher Building climbing 6.7 per cent on strong half-year earnings. REUTERS