The Australian share market experienced gains near midday AEST, primarily driven by a resurgence in the healthcare sector. CSL, a global biotechnology leader that researches, develops, manufactures, and markets a range of pharmaceutical products, saw its shares jump by more than 3 per cent. Novonix, a battery technology and materials company, also experienced a significant surge, with its shares soaring by 18 per cent.
In other company news, CLSA Down Under is looking to expand its presence in the regional healthcare sector. As part of this initiative, Andrew Paine, a Sydney-based analyst, has been promoted to spearhead the push. Meanwhile, KordaMentha, serving as the administrator for Whyalla, is reportedly generating $3 million per month. A motel purchased by Sanjeev Gupta in 2023, consisting of 40 rooms, is being put up for sale to increase funds for the struggling steelworks located in South Australia.
On the political front, Prime Minister Anthony Albanese’s appearance at the UK Labour conference has drawn comparisons to Scott Morrison’s MAGA rally. Albanese had previously emphasised avoiding involvement in the domestic affairs of other countries. Optus, the telecommunications provider, is facing scrutiny after a recent outage affected emergency calls in an area south of Sydney for over nine hours on Sunday.
