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Australia's mining stocks have risen amid expectations that opposition leader Tony Abbott could form the country's next government, and scrap the Labor Party's proposed tax on the sector. The International Financial Review's John Noonan says this shows the markets believe certainty will return in short order.
John Noonan, Sydney Bureau Chief of International Financial Review, said, "The local markets are fairly sanguine about the fact that there is a hung Parliament, and there will be a government formed, and there will be certainty returning, and nobody wants to sell at the moment."
Activity in the rest of the market was flat. Australia's dollar was trading lower on Monday, with the ruling Labor Party losing seats to the environmentally focused Green Party, in a backlash over the government's shelving of plans to charge major polluters for every ton of carbon gas they emit. The Australian dollar opened 0.44 percent lower, trading at 88.63 US cents, compared to Friday's 89.46 cent close. Shares on the Australian stock exchange also opened marginally lower.