Wednesday, June 23, 2010

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.


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

Australian shares gain after Gillard named PM

AlertEmailPrintShareBy Michael Kitchen
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

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