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ASX rebounds with BNPL and Healthcare pulling the chords

  • January 14, 2021 01:47 PM AEDT
  • Kunal Sawhney
    CEO Kunal Sawhney
    2212 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

ASX rebounds with BNPL and Healthcare pulling the chords

Summary

  • ASX 200 recovered after slipping in the early trade, with healthcare and technology sectors pulling the ASX chords.
  • ASX rebound by driven by Pro Medicus (11.01per cent), Polynovo (5.2 per cent), Afterpay (7.46 per cent), and Zip Co Ltd (5.6 per cent).
  • By 11:41 AEDT, ASX200 was up 13.70 points or 0.20 per cent to 6700.30. 
Gold MTF non-AMP

The benchmark equity index ASX 200 recovered after slipping in the early trade as gains in BNPL space, healthcare stocks and banks offset losses in miners. The recovery resisted Wall Street’s mixed performance overnight as investors awaited details of the US stimulus package to be announced later this week and the corporate earnings season.

Investors are also closely watching developments around the second impeachment of the US President Donald Trump for his role in last week's assault on Capitol.

By 11:41 AEDT, ASX200 was up 13.70 points or 0.20 per cent to 6700.30. The index is virtually unchanged over the last few weeks, but is down 3.76 per cent for the last 52 weeks.

Image Source: Shutterstock

After recording losses in yesterday’s trade, the healthcare and technology sectors rebounded, led by Pro Medicus (11.01per cent), Polynovo (5.2%), Afterpay (7.46 per cent), and Zip Co Ltd (5.6 per cent). 

Pro Medicus surged following its US subsidiary, Visage Imaging entered into a seven-year contract with Salt Lake City based Intermountain Healthcare worth A$40 million. The medical device player Polynovo (ASX:PNV) also gained on ASX after tanking yesterday.

RELATED READ: Why Orthocell (ASX:OCC) should be on investors’ radar today?

On the other hand, the BNPL space is also trading in green in today’s session, driven by remarkable debut listing performance by its US competitor, Affirm Holdings. Sezzle and Zip are jumping up the ASX ladder. Meanwhile, Afterpay is climbing up the charts post broker upgrades.

Some of the laggards in the mining space are OZ Minerals Ltd (-5.41 per cent) and gold miners such Resolute Mining (-1.66 per cent), Ramelius Resources (-1.55 per cent) and Evolution Mining (-1.26 per cent). 

ALSO READ: Why Pilbara Minerals (ASX:PLS) should be on investors’ radar today?V

Image Source: Shutterstock

However, Coal miner Whitehaven is trading up 6 per cent in response to the positive announcement on FY21 sales guidance after disruptions at the Port of Newcastle pushed 550 kilotonnes of sales from December into January.

ALSO READ: Why VMT shares are higher today?

 

 


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