The Australian All Ordinaries rose 1.2% to 5,042 points today on strong overnight leads from the U.S. The materials sector was the only corner of the economy in the red as miners suffered more downward pressure on commodity prices.
Energy stocks picked up 2.2% as a group despite a dramatic slide in oil prices over recent session, while financials and technology stocks also posted solid gains.
MARKET ACTION
A bump during today’s session for medical stocks was supported by ongoing traction by Pharmaxis (ASX:PXS), which ticked up to A$0.37 after spiking as much as 12% yesterday.
This performance brings the stock to a level more than 60% above its rate at the beginning of last month and more than 360% above its 52-week low.
The company’s recent surge has coincided with strong traction in developing the commercial prospectivity of the company’s cystic fibrosis treatment, Bronchitol.
The drug works by reducing the amount of mucus build-up in the lungs of patients suffering from chronic respiratory conditions and was demonstrated in December to be efficacious in paediatric trials.
This success has underpinned a move to acquire marketing authorisation for adult cystic fibrosis patients in Europe ahead of the first scientific presentation of the results will be made at the European Cystic Fibrosis Society meeting in Switzerland in June.
With this stronger footing to start 2016, Pharmaxis is pressing forward with a portfolio that includes not only Bronchitol but a range of inhibitors targeting the liver related disease non-alcoholic steatohepatitis, which is commonly found in people who are overweight or obese.
Among these products, the anti-inflammatory drug PXS-4728A has stood out, having secured the company a landmark sales deal with Boehringer Ingelheim, one of the world's 20 leading pharmaceutical companies.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) down 1.6% to $14.77
Fortescue Metals Group (ASX:FMG) down 0.9% to $1.57
Newcrest (ASX:NCM) down 4.8% to $12.56
Rio Tinto (ASX:RIO) up 1.0% to $39.55
Energy or Oil and Gas
Oil Search (ASX:OSH) up 1.4% to $6.32
Santos (ASX:STO) up 5.4% to $3.11
Woodside Petroleum (ASX:WPL) up 1.3% to $27.44
Big 4 banks
ANZ Bank (ASX:ANZ) up 1.6% to $25.45
Commonwealth Bank (ASX:CBA) up 2.0% to $81.00
National Australia Bank (ASX:NAB) up 1.2% to $27.68
Westpac (ASX:WBC) up 2.2% to $31.49
Other banks, financials and industrials
AMP (ASX:AMP) up 3.0% to $5.47
Bank of Queensland (ASX:BOQ) up 3.0% to $13.33
Bendigo and Adelaide Bank (ASX:BEN) up 2.6% to $11.33
Macquarie Group (ASX:MQG) up 2.1% to $75.95
Suncorp (ASX:SUN) up 2.5% to $11.83
Telstra (ASX:TLS) up 1.1% to $5.43
Retailers
JB Hi-FI (ASX:JBH) up 5.2% to $21.95
Wesfarmers (ASX:WES) up 1.2% to $39.95
Woolworths (ASX:WOW) up 1.5% to $23.25
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