The market (XAO) was flat today. The XAO was down 1.684 points which registered a %age fall of just -0.04%. In the larger scheme, that is F L A T.
The news that I watched tonight about financials matters focussed on the effect on the miners. While domestic matters will undoubtedly affect the miners, external factors are of greater importance.
The sectors most affected by the election are the telecoms and the health stocks. A Labor win would have been positive for Telstra and negative for large health stocks (except for CSL which is a big international company). So let's focus on those.
Telstra was down a whopping 6.86%.
Amongst the health stocks, aside from CSL, the biggest is SHL (Sonic Health Care). It was up 2.4%. Really, that was not enough to break out of a medium term sideways trend, but it is a significant upward movement.
So - who is the market betting on for an eventual win in the ensuing battle for minority government? It looks, at this stage, like a coalition win.
In the longer run, the international scene will prevail.
Cheers
Red
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