Australia elects new prime minister, mining stocks in focus

|By:, SA News Editor

"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