Healthcare stocks have been the statistically strongest sector in Europe over the last 50 days. There are 28 healthcare companies in Europe that represent 6.3% of the MSCI Europe index and 1.8% of the MSCI World index. Twenty-eight of the companies are less than $10 billion in market cap, and there are eleven over $10 billion in market cap.
Our observations of strength include:
1) As a group, they are are about 5% above their 50 day moving average.
2) 86% of all companies are above their 50 day moving average.
3) 36% of the companies are making net new highs. Here we just measure the difference between the percent of companies making new highs and new lows.
4) 79% of European healthcare companies logged positive performance.
5) 54% of all trading days in the last 50 days were up days, a couple percent better than the index as a whole.