Australian banking, property and health-related stocks pushed the sharemarket to...
SYDNEY - Australian banking, property and health-related stocks pushed the sharemarket to an 11-year high on Monday as investors cheered the conservative coalition parties’ surprise election victory on the weekend.
Shares of the country’s biggest lender, Commonwealth Bank of Australia, No. 2 rival Westpac Banking Corp, market No. 3 Australia and New Zealand Banking Group Ltd and the fourth-largest lender, National Australia Bank Ltd, jumped between 6% and 8%. With just over two-thirds of votes counted, the Australian Electoral Commission said Prime Minister Scott Morrison’s coalition has won 75 seats in Australia’s parliament, one seat short of a 76-seat majority.
Private health insurance stocks meanwhile rose sharply. Labor had campaigned on promises to curb annual rises in private health insurance premiums.
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