Australian biotech market watch 03/06/09

After a few days of strong trading, buoyed by improving market optimism, the All Ordinaries is up 1.6%, although the majority of the gains was to be found in the finance and industrial sectors, with health only nudging 0.3% into the positive.

Cochlear (ASX:COH) is up 85c to $55.45. Earlier today, it was announced that Watpac (ASX:WTP) has been awarded the contract to construct the new global headquarters for Cochlear, to be located in the new Hearing Precinct of Sydney's Macquarie University.

Ramsay Health Care (ASX:RHC) rose 5% to $4.75 after a few days of declining prices.

Compumedics (ASX:CMP) is also up over 20% after it was announced it had received the Powerhouse Museum Award 2009 for design for Grael, its sleep diagnostics and recording system.

Other health care and biotechnology stocks were flat or inline with the general market trend.