Daily ASX Market Update: Health pushes shares into gain terrain – May 31, 2024

The ASX200 is trading up around 0.55%

With strong performances from major medical companies, the healthcare sector is leading gains, up 1.2%, Discretionary follows, up nearly a per cent.

IT is the only sector to fall into the red, down a quarter of a per cent.

Telix Pharmaceuticals PharmAust Hazer Group Avita Medical

Company News

Telix Pharmaceuticals (ASX:TLX) is up around 9% after it announced positive data from the ProstACT SELECT trial of TLX-591, a therapy for the treatment of adult patients suffering prostate cancer.

This builds on prior data from the ProstACT SELECT2 trial, which demonstrated favourable safety profile and biodistribution.

TLX has been trading at $17.13

Biotechnical company PharmAust (ASX:PAA) is up 13.5% after it reappointed Dr Michael Thurn as Managing Director and Chief Executive Officer and Dr Nicky Wallis as Chief Scientific Officer.

PharmaAust said these appointments are part of a major reset as it strives to become a global leader in neurodegenerative diseases.

PAA has been trading at 21 cents.

Hydrogen and graphite producer, Hazer Group (ASX:HZR) has signed a Memorandum of understanding with Korea’s POSCO to investigate low carbon steel synergies.

POSCO is one of the world’s largest engineering companies with a heavy energy focus on investigating emission reduction strategies across its entire portfolio.

POSCO, under the MoU, will also be looking at potential ways to include the graphite that Hazer can produce in and outside its steel businesses – as well as marketing of the product.

The company plans to achieve carbon neutrality by 2050.

HZR has been trading at 47.5 cents.

And, Avita Medical (ASX:AVH) has gained around 13% after the US FDA issued the company a premarket approval for its RECELL GO skin cell harvesting device.

The system allows patients requiring burns and wound treatment to see improved healing outcomes with less donor skin needed, and reportedly less pain.

The product will be launched in burn treatment centres in June.

AVH has been trading at $3.01.