Australia: Shares rise on tech and healthcare boost; Ramsay soars on A$20b bid

AUSTRALIAN shares rose on Wednesday, led by gains in healthcare and technology stocks on a buoyant US dollar and overnight Wall Street gains, while Ramsay Healthcare posted a record jump on getting a buyout bid from a KKR & Co-led consortium. The S&P/ASX 200 index rose 0.8 per cent to 7,624.80 by 0047 GMT, extending gains to a fourth consecutive session. The benchmark closed 0.6 per cent higher on Tuesday. Export reliant healthcare stocks led gains among sub-indices, climbing 3.1 per cent as the US dollar rose. Australia’s largest private hospital operator, Ramsay Health Care, soared as much as 29.8 per cent to hit a record intraday percentage gain, after receiving a A$20.05 billion (S$20.3 billion) takeover bid from a consortium led by KKR. Ramsay Healthcare hit its highest since Sept 16 and is the top gainer on the benchmark index. Tech stocks rose 1.5 per cent tracking a strong finish on the Wall Street overnight as investors responded positively to earnings optimism in the United States. Leading gains on the index, Iress rose 2.7 per cent followed by ASX-listed shares of Block Inc up 2.4 per cent. Bucking the trend, miners fell 1 per cent on weaker iron ore prices following China’s pledge to cut steel output in 2022 in order to control carbon emissions. Rio Tinto shares fell as much as 2.5 per cent, its biggest drop in a month, after flagging weaker iron ore shipments in the first quarter. BHP Group, which will report its quarterly production results on Thursday, fell 0.8 per cent, while Fortescue Metals Group fell 0.2 per cent. Energy stocks and gold stocks fell 1 per cent and 0.7 per cent, respectively, hurt by subdued prices of crude and bullion. New Zealand’s benchmark S&P/NZX 50 rose 0.5 per cent to 11,897.4. REUTERS