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Biotech giant leads Aust market higher

Aug 04, 2015

The Australian share market is higher as biotechnology giant CSL breaks the $100-a-share mark.

At 1023 AEST, CSL shares were worth $100.25, up $1.42 or 1.44 per cent, after Monday’s news the company had completed its $US275 million ($A377.75 million) acquisition of Novartis’ influenza business.

Paterson Securities economist Tony Farnham said CSL’s share price was the highlight of Tuesday’s opening.

“It’s a great performance and well-deserved, and I think its report is going to be very good as it benefits from the strength of the US dollar,” he said.

Overseas, a dip in oil prices pushed US shares down, while Greece’s stock exchange re-opened with a drop of more than 22 per cent after a five-week shutdown, before closing 16 per cent lower, and Shanghai slipped 1.11 per cent.

But, Farnham said, those falls wouldn’t weigh on local trading.

Farnham said the domestic reporting season would be the major driver for the market over the next three weeks.

“We’ve got China and Greece out of the way, so we’re concentrating on what the reports are going to be.”

Insurance giant Suncorp rose one cent to $14.34 after it said net profit was up 55 per cent and announced a 12 cent special dividend.

At 1023 AEST, the big miners were all lower, with BHP Billiton down 44 cents at $25.74, Rio Tinto 46 cents worse off at $51.57 and Fortescue Metals 1.5 cents lower at $1.845.

Origin Energy shares dipped 11 cents to $11.08 on the news the company will sell its 53.1 per cent stake in New Zealand electricity generator-retailer Contact Energy.

But the major banks fared better. Commonwealth Bank was up 57 cents at $87.94, National Australia Bank gained 19 cents to $34.78, ANZ rose 17 cents to $32.85, and Westpac grew 12 cents to $34.97.

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