(Adds analysis, quotes, stocks on the move)
SYDNEY, Sept 9 Australian shares rose 0.4
percent on Monday after a conservative coalition won a
landslide victory in the federal election, while strong data
released from Australia's top export market China also boosted
The local bourse posted a modest gain as the incoming
government led by Prime Minister-elect Tony Abbott promised to
reboot a stalled mining boom and revive an appetite for
Miners rose, underpinned by a lift in copper prices as
investors bet a global recovery would boost demand. Bellwether
miners BHP Billiton Ltd and Rio Tinto Ltd
added 0.7 percent and 0.2 percent respectively.
Gold miners Newcrest Mining Ltd and Regis Resources
Ltd climbed 2.2 percent and 1.2 percent after bullion
prices rose 1.5 percent on Friday.
The S&P/ASX 200 index rose 19 points to 5,164.1 by
0153 GMT, edging towards 3-1/2 month highs hit last week. The
benchmark rose 0.2 percent last week, a fourth consecutive week
"I think the election is a positive for the market, we can
get a lot of the uncertainty out, certainly from an Australian
point of view," said Martin Angel, a dealer at Pattinson
"I think it will be pretty good for the resources stocks, in
terms of getting rid of the carbon tax and the mining tax," he
said, referring to taxes Abbott vowed to revoke as quickly as
The financials posted modest gains with Westpac Banking Corp
rising 0.3 percent and National Australia Bank
edged 0.5 percent higher. The four major banks have had a
stellar year so far as record profits and high dividend yields
have driven their share price up an average of 22.4 percent,
outperforming the broader market, which is up 10.8 percent.
Elsewhere, handful of defensives were trading lower, capping
broader gains with biotechnology firm CSL Ltd dropping
1 percent while food retailer Woolworths Ltd down 2.2
percent as it traded ex-dividend.
Analysts said sentiment was also helped by strong Chinese
data. Export data released over the weekend showed improving
demand for the country's goods in major foreign markets, while
data showing annual consumer inflation at 2.6 percent in August
was published on Monday, in line with market
Elsewhere, MacPhersons Resources rocketed 32.5
percent to A$0.26, a five-month high after the company said its
Nimbus gold project in Western Australia could have a fast
payback period of two to three years.
Australian salary packaging and car leasing company McMillan
Shakespeare Ltd lost 3.7 percent to A$12.90 after
soaring 13.2 percent last week as the market priced in a
Coalition win, because tax changes for car leases proposed by
the outgoing government are unlikely to go ahead.
The local bourse eked out a modest gain but upward momentum
was capped as investors remain cautious on a possible military
strike by the West against Syria, and U.S. stocks closed little
changed in choppy trade on Friday.
New Zealand's benchmark NZX 50 index rose 0.4
percent to 4,613.7 points.
(Reporting by Thuy Ong and Maggie Lu Yueyang; Editing by Eric