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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Newcrest Mining Limited | ASX:NCM | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.51 | 23.35 | 23.50 | 0.00 | 01:00:00 |
By Robb M. Stewart
MELBOURNE--Australian shares rose Monday after a landslide election win by the country's conservative coalition and taking support from strong economic data from China, the country's biggest trading partner.
The rise of the Liberal-Nationals after six years in opposition in Saturday's poll brought to an end to months of political uncertainty since campaigning effectively kicked off at the beginning of the year, a damper on business and consumer confidence.
Prime Minister-elect Tony Abbott has pledged to reboot the economy and revive appetite for investment at a time when the country is adapting to a stalled mining boom. Mr. Abbott has also said he will ax taxes on carbon emissions and iron ore and coal-mining profits.
The benchmark S&P/ASX 200 climbed 0.7% to finish the day at 5181.5, with broad support from mining, energy and financial stocks.
"Now that the federal election is behind us with a majority government winning power, market participants no longer have to deal with uncertainty stemming from minority governments and the past three years of heavy infighting within the Labor government," said Tim Radford, an analyst at Rivkin Securities Pty. Ltd. in Sydney.
Still, ratings agencies aren't anticipating a near-term shift in the government's fiscal position and have said the country's AAA rating won't be affected by the election. National Australia Bank also suggests a strong rebound in confidence could delay further interest-rate cuts by the central bank.
Chris Weston, chief market strategist at IG, said investors largely looked beyond the outcome of the election to international signals, namely Chinese trade data over the weekend. Japan's winning bid to host the 2020 summer Olympics also boosted sentiment, as that could present opportunities for Australia's construction companies and tourism operators.
The Chinese data as well as a rise in copper prices supported gains in major mining companies, with BHP Billiton and Rio Tinto both rising 1.4%.
However, Fortescue Metals dropped almost 2% after a slide in iron-ore prices.
Struggling gold producer Newcrest Mining rose 3.4% after the company axed short-term bonuses for Chief Executive Greg Robinson, also freezing his and other executives' salaries.
The country's largest banks were all higher, with ANZ, Commonwealth Bank, National Australia Bank and Westpac up between 0.6% and 1.3%.
Write to Robb M. Stewart at robb.stewart@wsj.com
1 Year Newcrest Mining Chart |
1 Month Newcrest Mining Chart |
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