Australian biotech market watch 22/07/09

The All Ordinaries has bounced up this week, pipping the 4,000 mark for the first time since mid-June, buoyed by optimistic mumblings from the US and Chinese markets along with indications the Australian market has touched bottom and is on its way up for a breath.

The health indices followed a similar pattern to the All Ords, at least until this morning, when they shed much of the gains made earlier in the week, dropping 59 points to 7,757.

After a turbulent couple of weeks, Cochlear (ASX:COH) gained ground through Monday and Tuesday, only to slip 1.3% in today's trading to $54.10.

Fisher & Paykel Healthcare (ASX:FPH) has continued to make gains, pushing its recent two month high to $2.48.

After it was announced that the competition watchdog is considering launching an investigation into pathology billing practices, both Primary Health Care (ASX:PRY) and Sonic Health Care (ASX:SHL) are down, by 3.4% and 3% respectively. This comes hot on the heels of Primary Health Care issuing 10 million new shares on Monday.

Ramsay Health Care (ASX:RHC), which had a strong week last week, shed 24c in today's trading to hit $10.61.

ResMed dropped sharply on Tuesday morning but has clawed its way back to close to Monday's close, sitting at $4.92 around 2.30pm, up 1.44% for the day.

Sigma Pharmaceuticals (ASX:SIP) has made steady gains since Monday morning, up 4.9% today to $1.29.

Ansell and CSL remain steady.