THINK of a port in a market storm and biotechs don't exactly come to mind, yet some of our life- science friends posted decent gains during yesterday's 0.7 per cent market rout -- mostly for no discernible reason.
Shares in Phylogica (PYC, 7c) led the way with a 4.5 per cent gain, while Tissue Therapies (TIS, 48.5c) gained 4.3 per cent. Others defying the trend: Bionomics (BNO, 63c), Starpharma (SPL, $1.48) and Prana Biotechnology (PBT, 18.5c).
One theory is that spec sectors such as biotechs are hit first in a downturn and also recover first. This was the sector's experience during and after the GFC.
With biotechs now shining,, will those gloomy brokers be cracking a smile by Christmas?
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