Shares in Australian biotech giant CSL Limited (ASX: CSL) are inching higher on Wednesday and now trade at $270.69.
While there’s been nothing remarkable out of CSL’s camp to attribute today’s price gain to, the biotech player has climbed almost 4% in the past month.
That’s still behind the S&P/ASX 200 Index (ASX: XJO)’s return of around 7% in the same period.
What’s up with CSL today?
The budgetary papers outlined on Tuesday evening built on previous language from Prime Minister Scott Morrison on the importance of domestic manufacturing.
According to analysis from Jackie Edwards, equity markets Asia editor at Bloomberg, the Prime Minister had previously indicated seven areas of high importance in domestic manufacturing as part of the budget.
As The Motley Fool reported yesterday, “this kind of manufacturing push is sure to benefit ASX shares such as CSL, Edwards notes.”
It could be that market pundits agree with Edwards’ view after stripping apart the various sections of the budget.
However, ASX shares have staged a comeback in recent weeks and most sectors are now back in the green.
Noteworthy is that the S&P/ASX 200 Health Care Index (ASX: XHJ) has also regained strength lately and is up 168 basis points today – well ahead of the benchmark index.
It’s also climbed around 3% in the past month, after trading sideways most of this year. Hence the momentum is building in healthcare, with CSL one of the largest names in that basket.
CSL share price snapshot
In the last 12 months, the CSL share price has gained just 3%. It is down almost 7% this year to date.
The post Why is the CSL share price climbing on Wednesday? appeared first on The Motley Fool Australia.
Should you invest $1,000 in CSL right now?
Before you consider CSL, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and CSL wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- What’s the outlook for the CSL share price in April?
- Expert reveals 3 ASX shares to watch following tonight’s federal budget
- Why the CSL (ASX:CSL) share price will ‘find its mojo again’: expert
- 3 ASX shares I own myself that will rise again soon: expert
- Top brokers name 3 ASX shares to buy next week
Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/nyIC98m
Leave a Reply