Last week, ASX 200 healthcare shares led the market sectors with a 2.6% gain in value over the four trading days. The S&P/ASX 200 Index gained 0.35% to finish at 7,575.9 points on Friday. Only three out of the 11 market sectors finished the week in the green.
Among the healthcare sector heavyweights, Resmed CDI (ASX: RMD) shares gained an impressive 12.38% following the release of the company’s third-quarter update. Resmed reported a 7% increase in revenue to US$1.2 billion for the three months ending 31 March, driven by increased demand for sleep devices and strong growth across its mask product portfolio.
Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH) shares gained 2.99% over the week, while sector leader CSL Ltd (ASX: CSL) gained 1.51%. Despite backing from many brokers for long-term share price growth, CSL shares have underperformed the S&P/ASX 200 Health Care Index over the past 12 months.
Morgans has an add rating and a 12-month share price target of $315.40 on CSL shares, while Macquarie recently upgraded its rating on CSL to outperform with an improved price target of $330.
Other big healthcare stocks also saw positive movement last week, with Cochlear Ltd (ASX: COH) and Sonic Healthcare Ltd (ASX: SHL) both posting gains.
In terms of market sector performance, healthcare led the way with a 2.6% increase, followed by Consumer Staples, Information Technology, Utilities, Financials, A-REIT, Communication, Consumer Discretionary, Materials, Industrials, and Energy.
Overall, it was a positive week for ASX 200 healthcare shares, with some key players seeing significant gains in value.