real-time news and commentary for investors
Saturday, Sep 7
Australia elects new prime minister, mining stocks in focus
- "The sectors that benefit the most would be the materials, particularly mining stocks," one economist said Thursday, regarding the prospect of a Tony Abbott victory in Australia.
- Abbott did indeed emerge victorious and will become the country's 27th prime minister after being sworn in next week.
- Of particular note is Abbott's promise to repeal a mining tax, a move expected to benefit Rio Tinto (RIO) and BHP Billiton (BHP). Also on watch: Newcrest Mining (NCMGF.PK)
- ETFs - Stocks: EWA, EWAS, KROO, AUSE, FAUS Bonds: AUD, AUNZ Currency: FXA, GDAY, CROC