BIO-SPRING: BDI-20 UP 14.3%, ALL ORDS UP 3.2%; BIG CAPS UP 29.4%
September 2nd 2008 12:13
Biotech Daily
Monday September 1, 2008
Daily news on ASX-listed biotechnology companies
Monday September 1, 2008
Daily news on ASX-listed biotechnology companies
Subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
BIOTECH DAILY’S TOP 40 INDEX
Just as the first golden wattle of late winter does not guarantee the end of cold days and Biotech Daily is reluctant to say that three consecutive months of beating the All Ordinaries, culminating in August’s 14.3% to 3.2% uplift, is the end of market turmoil, it appears we have turned the credit crunch corner and are leading the ASX.
The Big Caps’ 29.4% August recovery takes it to its highest market capitalization on record with solid performances by all three constituents: Cochlear up 24.9%; CSL up 28.9% and Resmed up 35.8%.
The Biotech Daily Top 20 Index (BDI-20) - which does not include the three Big Caps – has outperformed the All Ordinaries for three consecutive months, ending August 14.3 percent higher compared to the ASX S&P 500 up 3.2 percent for the month. For the three months to August 31, the All Ordinaries fell 9.6 percent but the BDI-20 was up 4.9 percent.
The generally smaller companies in the Biotech Daily Second 20 Index fell 13.4 percent for August giving the Biotech Daily Top 40 Index (BDI-40) an average 6.6 percent increase for the month
For the year to August 31, 2008 the Big Caps climbed 24.3 percent compared to the All Ordinaries 16.5 percent fall, while the BDI-20 fell 28.4 percent.
Ten of the BDI-20 stocks were up with six up by more than 10 percent of which four climbed more than 20 percent. Nine fell, with just three falling by more than 10 percent.
The best company was Novogen, recovering 54.4 percent in the month to a market capitalization of $159 million followed by Peplin up 46.6 percent to $85 million, Benitec up 38.9 percent to $25 million, Pharmaxis up 33.1 percent to $430 million and Heartware up 22.4 percent to $186 million.
Polartechnics was the worst performer down 24.1 percent to $22 million followed by Agenix down 22.2 percent to $7 million from $100 million 12 months ago and Phylogica falling a further 21.4 percent to $11 million.
Agenix is in a suspension sorting out its Chinese acquisition issues and will be replaced in the Second 20 by Bone Medical.
Biotech Daily Top 40 ($m) v ASX All Ordinaries 2007-08
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