PoliticsAustralia: Aussie party shifts to new Prime Minister from Rudd to Gillard

Australia's governing party replaces Prime Minister, moving its number two into the leading position, Julia Gillard. In response the stockmarket edged upwards, but the flush-out issue is not resolved:  the govt's planned mining tax.

MARKET PULSE

June 23, 2010, 8:43 p.m. EDT · Recommend (1) · Post:  

Australian shares gain after Gillard named PM

Related stories

• Australia PM Rudd quits; Julia Gillard to lead (7:39p)
• Australian mining-tax changes reportedly imminent (June 14)
• Asian stocks fall on weak U.S. sentiment (5:41a)
• Australia's Rudd: Mining-tax plan changes likely (June 10)

STORYQUOTES

AlertEmailPrintShareBy Michael Kitchen

AU:BHPBHPAU:RIORTPAU:FMG

LOS ANGELES (MarketWatch) -- Australian shares moved higher in early Thursday trade, with resource shares higher after a change in the nation's leadership. The benchmark S&P/ASX 200 rose 0.5% to 4,510.4, with mining major BHP Billiton Ltd.(AU:BHP 39.80, +0.66, +1.69%) (BHP 70.00, +0.39, +0.56%) up 2.1%, Rio Tinto Ltd.(AU:RIO 71.95, +1.41, +1.10%) (RTP 52.19, +1.14, +2.23%) rising 2.4%, and Fortescue Metals Group Ltd. (AU:FMG 4.54, +0.11, +2.48%) (FSUMF 3.85, -0.05, -1.28%) gaining 3.6%. The gains came as Prime Minister Kevin Rudd resigned in favor of his deputy, Julia Gillard. Questions remain over whether Gillard will change tack on Rudd's controversial mining-tax plan. Airlines also rose as crude-oil futures eased, with Qantas Airways Ltd. (AU:QAN 2.38, +0.03, +1.28%) (QUBSF 1.95, -0.15, -7.14%) up 0.9%, and though Virgin Blue Holdings Ltd. (AU:VBA 0.31, +0.01, +1.64%)(VBHLF 0.27, +0.04, +15.22%) gave up opening gains to trade flat.

-- EconoMix