Shares in Australian biotech giant CSL Limited (ASX: CSL) are inching higher on Wednesday and now trade at $270.69.
While there's been nothing remarkable out of CSL's camp to attribute today's price gain to, the biotech player has climbed almost 4% in the past month.
That's still behind the S&P/ASX 200 Index (ASX: XJO)'s return of around 7% in the same period.
What's up with CSL today?
The budgetary papers outlined on Tuesday evening built on previous language from Prime Minister Scott Morrison on the importance of domestic manufacturing.
According to analysis from Jackie Edwards, equity markets Asia editor at Bloomberg, the Prime Minister had previously indicated seven areas of high importance in domestic manufacturing as part of the budget.
As The Motley Fool reported yesterday, "this kind of manufacturing push is sure to benefit ASX shares such as CSL, Edwards notes."
It could be that market pundits agree with Edwards' view after stripping apart the various sections of the budget.
However, ASX shares have staged a comeback in recent weeks and most sectors are now back in the green.
Noteworthy is that the S&P/ASX 200 Health Care Index (ASX: XHJ) has also regained strength lately and is up 168 basis points today – well ahead of the benchmark index.
It's also climbed around 3% in the past month, after trading sideways most of this year. Hence the momentum is building in healthcare, with CSL one of the largest names in that basket.
CSL share price snapshot
In the last 12 months, the CSL share price has gained just 3%. It is down almost 7% this year to date.
