Health sector drives market higher

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The share market has overcome weakness in the mining sector to post its third straight day of gains.

Healthcare stocks led the way, with positive news from CSL and ResMed providing a boost for their values, while financial and property stocks also gained ground.

Burrell Stockbroking advisor Jamie Elgar said the market had enjoyed gains for the week despite big swings in the resources sector, due to positive company news and sound leads from overseas, including a stabilising of China’s market.

“It’s been a pretty decent week considering the week we had last week, so we’ve basically recovered everything we lost last week,” he said.

The All Ordinaries index rose about 2.3 per cent in the week.

Weaker commodity prices hit the miners, with BHP Billiton down five cents to $26.45, Rio Tinto down 14 cents to $52.86 and Fortescue Metals four cents weaker at $1.855.

CSL added $2.61, or 2.7 per cent, to $98.96 as it brought forward the closure of a deal to acquire Novartis’ influenza business.

Sleep disorder device supplier Resmed’s plans to acquire ventilation and breathing devices company Curative Medical lifted its shares by 48 cents, or 6.4 per cent, to $8.00.

Among the banks, Commonwealth Bank added 48 cents to $87.56, ANZ gained 21 cents to $32.68, NAB lifted 21 cents to $34.77 and Westpac was 12 cents stronger at $34.86.

Mr Elgar said the eyes and ears of investors will be on beginning of the domestic earnings season next week.

“I thinks that’s going to be a fairly major driver for us,” he said.

“It’s going to be important if we want to start pushing back up to the highs the market was at around February, March and April.”

KEY FACTS

* At the close on Friday, the benchmark S&P/ASX200 index was up 29.7 points, or 0.52 per cent, at 5,699.2.

* The broader All Ordinaries index was up 28.6 points, or 0.51 per cent, at 5,681.7.

* The September share price index futures contract was 37 points higher at 5,651, with 22,768 contracts traded.

* National turnover was 2.03 billion securities worth $7.4 billion.