Australian shares edged higher on the morning of May 23 after election results showed that the centre-left Labor party was getting closer to achieving the 76 seats needed to form a majority government.
As of noon on May 23, the benchmark S&P/ASX 200 stood at 7,165.4, representing a gain of 19.8 points or 0.28 percent. Additionally, the All Ordinaries index rose 25.8 points, or 0.35 percent, to 7,416.8.
The Australian material sector appeared to be the largest winner, with the S&P/ASX 200 Materials index going up 1.56 percent to 17,556.8.
In addition, Fortescue Metals’ share prices rose 3.8 percent to $20.92 (US$14.83), Rio Tinto’s were up 1.9 percent to $110.40, and BHP’s increased 2.2 percent to $48.20….