Investing.com - The Australian stock market added 41.1 points or 0.6% to 7,318.1, buoyed significantly by robust advancements from healthcare giants CSL Ltd (ASX:CSL) and Cochlear Ltd (ASX:COH).
In particular, the healthcare industry saw an encouraging surge of 3.4%, driven primarily by Cochlear's commendable performance. The company witnessed its stocks soar by an impressive 7.3% following their announcement of a modest yet significant growth in statutory profits – up to $301 million for the year ending June - marking a rise of four percent.
CSL also contributed positively with an addition of 3.4%. The leading blood plasma collector announced its full-year underlying profit had increased ten percent to reach around $4 billion (or $US2.61 billion).
National Australia Bank Ltd (ASX:NAB) showed favorable movement too, climbing up by approximately 1.3% after accumulating cash earnings amounting to roughly $1.9 billion during this year’s June quarter alone; it further unveiled plans for a substantial buyback worth about $1.5 billion.
Treasury Wine Estates Ltd (ASX:TWE) lifted 2.6% as the company raised their final dividend payout towards shareholders from last year’s rate of sixteen cents per share to seventeen cents this time round.
Meanwhile Life360 Inc (ASX:360) - specializing in family tracking devices - experienced quite the leap with their shares surging 13.1% following news that revenue had risen 45% on an annual basis, now totaling just over hundred-million dollars ($US70 .8 million).
GUD Holdings Ltd (ASX:GUD) also reported promising results; their shares soared 11.7% thanks largely due to major acquisition activities which helped boost net profit upwards 252%, bringing it up to nearly hundred-million dollars ($98 .6 million) for fiscal years '22-'23.
On another note, funds management firm Challenger Ltd (ASX:CGF) fell 6.3% despite revealing a 13% expansion in its statutory net profit taking it up to A$288 million.