Market report: Healthcare index outperforms wider market

The Australian stock market just clawed its way into positive territory today as investors defied the prevailing gloom surrounding the US economy, although it wasn’t enough to snap a three-week losing streak.

The benchmark S&P/ASX200 index closed a meere 14.1 points higher at 4370.1, with the broader All Ordinaries managed a similar gain to close at 4404.1.

The financial and materials sectors were slighlty up with energy shares flat, while gold shed 1.5 percent. All up the market managed to lose 1.4 percent for the week, reflecting onging concerns about the US and the global economy. Major Asian markets were all down today.

In contrast the S&P/ASX Health Care Index rose almost a percent today to close at 8009.6 points, or 1.47 percent up for the week.

Market leader CSL was the heaviest traded stock today, with 3.5 million shares changing hands. The stock rose 1.49 percent to close at $32.00. The other majors were less impressive with ResMed down 1.52 percent to $59.75 while Cochlear dipped 18 cents to close at $68.43.

Investors continued to flock to hospital operator Ramsay Healthcare after it delivered an impressive full year result earlier in the week. Its shares rose 4.25 percent to close today at $14.22.

Among the other strong performers today, xenotransplantation specialists Living Cell Technologies added 5.56 percent to $0.19, while catheter company CathRx gained 9.38 percent to close at $0.175.