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Shock election results pump Aussie shares

May 20 2019 17:50

The Australian stock market closed at its highest level in more than a decade on Monday, on news of a shock election victory for the ruling centre-right government.

The ASX200 ended up 1.7% at 6 476 points, a level not seen in 11 years.

Liberal Prime Minister Scott Morrison had been expected to lose to Labour, who promised measures to increase stagnant wages on day one in office.

"Businesses will probably breathe a sigh of relief as Labor's living wage won't become reality," Capital Economics told clients in a research note.

"The coalition victory bolsters the outlook for corporate profits, which have slowed recently outside of mining."

Banks were among the main winners, expecting that reforms called for by a major enquiry may be less rigorously enforced by a Liberal government.

australia  |  election  |  markets
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