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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
Comments (6)
  • sethmcs
    , contributor
    Comments (3077) | Send Message
     
    Another example of the repercussions to killing the goose the lays the golden eggs.
    8 Sep 2013, 12:39 AM Reply Like
  • User 353732
    , contributor
    Comments (4786) | Send Message
     
    It is the small polities of West (Canada, Australia, maybe Norway) that have understood the malign consequences of Bad Government, Bad Debt and Bad Money and are taking a few small steps to decelerate the trajectory of descent.
    In the rest of the West especially the US, Japan and France this trajectory is accelerating.
    8 Sep 2013, 08:24 AM Reply Like
  • Swisser998
    , contributor
    Comments (128) | Send Message
     
    BHP to the moon!
    8 Sep 2013, 02:35 PM Reply Like
  • TheJollyGreenMan
    , contributor
    Comments (61) | Send Message
     
    I loaded up with BHP on Thursday, anticipating the Tony Abbott win. Let's hope you are right. BHP don't have to hit the moon, just a successful launch to refill for instance the space station will suffice, thank you.
    8 Sep 2013, 05:25 PM Reply Like
  • J Mintzmyer
    , contributor
    Comments (3604) | Send Message
     
    Wonder if this will benefit YZC's, Yancoal? Also BTU has some holdings there...

     

    I'm long both- can't hurt...
    8 Sep 2013, 03:27 PM Reply Like
  • Davephd
    , contributor
    Comments (688) | Send Message
     
    I wonder if it will make any difference for TLSYY?
    8 Sep 2013, 07:36 PM Reply Like
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