Healthcare stocks caught our attention on Wednesday after their +1.3% advance. However, they’ve been a clear laggard in 2024, advancing only +2.1%, while four other sectors have delivered double-digit gains. The potential influence of the new wonder weight loss drug, Ozempic et al., has weighed on a couple of influential ASX names, but with interest rate cuts on the horizon, we question if this underperformance will continue. Another bonus from the sector is its label as a defensive play, a comforting addition to most portfolios with global equities pushing to fresh all-time highs.
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Really bullish, there's more to go in the reflation rally
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