Australian Shares up 0.7%, Ramsay Health Surges 27%

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Australian Shares up 0.7%, Ramsay Health Surges 27%
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 55.60 points or 0.73% to 7,620.80 in the first hour of Wednesday’s trade, extending gains of 0.4% in the previous session as health care companies rallied following news of Ramsay Health Care's (ASX: RHC ) takeover offer from global private equity giant KKR & Co LP (NYSE: KKR ).

ASX 200 Futures were pointing 0.1% lower.

Among stocks, Health Care led the gains, up 2.8% collectively as Ramsay Health Care Ltd (ASX: RHC ) surged 27.4%, CSL Ltd (ASX: CSL ) added 1.9%, Sonic Healthcare Ltd (ASX: SHL ) gained 3%, Fisher & Paykel Healthcare Ltd (ASX: FPH ) lifted 2.1% and Resmed Inc DRC (ASX: RMD ) gained 2.2%.

Real-estate companies were 1.2% higher as Mirvac Group (ASX: MGR ) gained 0.8%, Charter Hall Group (ASX: CHC ) added 1.5% and Goodman Group (ASX: GMG ) lifted 2.6%.

Financials also gained 0.8% overall, with Macquarie Group Ltd (ASX: MQG ) up 1.4%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 1.2%, National Australia Bank Ltd (ASX: NAB ) lifting 0.9% and Commonwealth Bank Of Australia (ASX: CBA ) up 0.6%.

Meantime, Materials fell 0.8% as BHP Billiton Ltd (ASX: BHP ) fell 0.9%, Fortescue Metals Group Ltd (ASX: FMG ) lost 0.4% and Pilbara Minerals Ltd (ASX: PLS ) shed 1.7%. Rio Tinto Ltd (ASX: RIO ) also slumped 2% after revealing weaker than expected quarterly production numbers.

On the bond markets, Australia 10-Year rates were at fresh 7-year highs of 3.133% while United States 10-Year yields were at fresh 40-month highs of 2.973%.

In New Zealand, the NZX 50 added 0.4% to 11,885.

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