Healthcare, mining stocks push share market up despite dairy crisis – ABC Online

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Healthcare stocks have helped drive the local share market after the Federal Government said it would control rents for pathology companies.

Sonic HealthCare rose 5 per cent to $21.39, Primary Health Care put on 5 per cent to $3.47 and Cochlear and Ramsay Health Care increased as well.

Mining stocks gained as commodity prices shrugged off the weekend’s disappointing Chinese economic figures.

Factory production, retail sales and investment in China expanded slower than expected in April.

Blackham Resources reached its highest level in more than two months after approval of gold projects in Western Australia, with an 8 per cent increase taking its shares to 53 cents.

BHP Billiton rose 36 cents to $18.56.

The All Ordinaries Index rose by nearly half a per cent to 5,420, while the ASX gained 30 points to close at 5,359.

The nation’s largest dairy processor, Murray Goulburn, is facing legal action after downgrading profits and sales forecasts. It has also cut the price that it pays farmers.

Meanwhile, spot gold rose and was fetching nearly $US1,282 at 5:00pm AEST.

Crude oil rose in Asian trade after Goldman Sachs raised its forecast and China’s refineries processed more oil in April.

Brent crude futures are trading at above $US48 a barrel and Tapis crude is at $US50 a barrel.

The Australian dollar recovered from a two-month low to reach US72.9 cents.

It was buying about 50.7 British pence, 64.4 euro cents, 79.2 Japanese yen and $NZ1.07.