How did the CSL share price escape the carnage today?

Happy healthcare workers in a labsHappy healthcare workers in a labs

The S&P/ASX 200 Index (ASX: XJO) may have slipped today, but the CSL Ltd (ASX: CSL) share price had a better day.

CSL shares jumped 0.84% to $270.40. In comparison, the benchmark index dropped 1.18% today.

So what is happening at CSL?

How is the CSL share price performing?

Shares in the global biotech company jumped 2.15% in earlier trade to $273.95 before retreating to the current share price. For perspective, the S&P/ASX 200 Health Care Index (ASX: XHJ) also leapt more than 1% in early trade from 40,260 to 40,683 points before pulling back.

Analysts at Wilsons have recently named CSL as one of four “defensive growth” shares to buy in turbulent times.

In a memo to clients, Wilsons recommended it was “sensible” to have an above-average allocation to defensives including CSL:

Our picks are healthcare, insurance and telco.

Sectors like healthcare and consumer staples, along with utilities, have performed well against a backdrop of higher uncertainty around the US Fed’s and RBA’s hiking expectations and the impact this will have on the economy.

Wilsons also recommended Insurance Australia Group Ltd (ASX: IAG), Telstra Corporation Ltd (ASX: TLS) and Healthco Healthcare and Wellness REIT (ASX: HCW).

Meanwhile, Macquarie has also recently named CSL as a share to buy during market volatility. My Foolish colleague Brendon reported that CSL is considered by Macquarie to be a COVID-recovery share.

Share price snapshot

The CSL share price has fallen nearly 2% in the past 12 months while it has descended 7% year-to-date.

In comparison, the benchmark ASX 200 has returned less than 1% over the past year.

CSL has a market capitalisation of nearly $130 billion based on today’s share price.

The post How did the CSL share price escape the carnage today? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in 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 Scott Phillips.

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