Health stocks, CBA help drive ASX seven-day winning streak

The ASX winning streak has continued for a seventh straight day, with health stocks and Commonwealth Bank among the winners.

The Australian sharemarket racked up a seven-day winning streak following a strong lead from Wall Street, with Commonwealth Bank and biotech giant CSL big contributors to the gains.

The S&P/ASX200 closed 0.61 per cent stronger at 6728.5 while the All Ordinaries Index firmed 0.62 per cent to 6965.4.

CommSec analyst James Tao said the S&P 500 and NASDAQ indices in the US hit record highs.

“Locally, gains have been pretty broadbased across nearly every single sector,” Mr Tao said.

Healthcare stocks led the charge, with CSL rising 2.2 per cent to $304.14, gloves and protective personal equipment manufacturer Ansell jumping 3.9 per cent to $34.93 and Healius surging 7.44 per cent to $3.90.

Healius provided an investor update showing strong performance across its pathology, imaging and day hospitals divisions, and announced a $200 million share buyback.

Gloves and condom maker Ansell was among the winners.

Iron ore miner Fortescue Metals added 1.58 per cent to $21.80 — an all-time closing high for the stock — after providing an investor update and starting ore processing at its new Eliwana mine in WA.

The price of the steelmaking commodity is at a seven-and-a-half year high.

Rio Tinto added 0.37 per cent to $115.44 and BHP lifted 1.14 per cent to $42.73.

Diversified miner IGO went into a trading halt before announcing a deal with a Chinese company to buy a stake in its Greenbushes lithium mine and Kwinana lithium hydroxide plant in WA for $1.9 billion.

IGO says it was a good time to invest in the commodity as global markets transition to clean energy technologies, including electric vehicles and renewable energy.

It plans to pay for the purchase through a combination of debt, an equity raising and exiting cash reserves.

IGO is considering selling its 30 per cent interest in the huge Tropicana gold mine in WA, with a decision expected by the end of the March quarter, and says that will bolster its balance sheet.

CBA gave an update on its divestments. Picture: NCA NewsWire/Gaye Gerard

An update also came from CBA on the sale of its interest in BoCommLife Insurance, its joint venture with China Bank of Communications, which is expected to net CBA $886 million by the end of this year.

CBA shares gained 1.68 per cent to $83.18 while ANZ dipped 0.43 per cent to $23.30, National Australia Bank appreciated 0.56 per cent to $23.44 and Westpac slipped 0.35 per cent to $20.07.

Gold stocks lost ground, with Silver Lake Resources backtracking 3.44 per cent to $1.82, Perseus Mining retreating 2.9 per cent to $1.17 and Gold Road Resources declining 3.15 per cent to $1.23.

The Aussie dollar was fetching 74.39 US cents, 55.6 British pence and 61.32 Euro cents in afternoon trade.

Originally published as Health stocks, CBA help drive ASX seven-day winning streak