Market Update: Healthcare dive on CSL heart drug fail

ASX News Market Summary
12 Feb 2024 15:07 (AEDT)

The ASX200 has been trading down about a quarter of a per cent today.

Healthcare has been the worst performing sector, down nearly 3.3 per cent – it’s being dragged by biotech giant CSL (ASX:CSL) which has shed about 5 per cent after posting a disappointing progress update for its long-awaited CSL112 product.

The Phase 3 trial of the drug candidate did not meet its efficacy endpoint of showing a reduction in recurrent heart events in the 90 days that follow a heart attack.

As a result, there are no plans for a near-term regulatory filing.

CSL has been trading at $289.91.

JB Hi-Fi (ASX:JBH) has gained nearly 7 per cent on its half year report, despite a drop in its EBIT and gross profit.

The tech retailer’s profit was down nearly 20 per cent on the previous corresponding period, to $264.3 million.

JB Hi-Fi was still ahead of expectations reporting first-half sales of $5.16 billion.

JBH has been trading at $60.50.

Beach Energy (BPT) has hit waves after posting a 10 per cent drop in first-half profit.

The company reported a net loss of $345.1 million blaming substantial write-downs on oil and gas fields in the Cooper Basin and exploration interests.

But investors haven’t seemed to mind as new chief executive Brett Woods also revealed plans for new company strategy and structure. Beach Energy has been trading up more than 3 per cent to $1.70.

Infinity Lithium (ASX:INF) has added more than 4 per cent after lodging a mining application – in Spain called the Exploitation Concession Application – for its San Jose lithium project.

The company’s seeking the rights rights to mine lithium at San Jose and for on-site lithium chemical conversion operations.

The company will work with the Regional Government of Extramadura throughout the process.

INF has been trading at 7.8 cents.

And, Fiji kava company The Calmer Co (ASX:CCO) has raised $1 million through a Placement to institutional and sophisticated investors.

The raise, priced at 0.45 cents, will be used to upgrade its processing capacity and boost inventory to meet its growing ecommerce and Coles supermarket sales.

CCO has been trading at half a cent.

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