The Australian stock market has soared to an 11-year high on the back of the Coalition's shock election win. The Australian Securities Exchange benchmark, however, is still shy of the all-time peak reached in early November 2007. The Australian dollar also rose to 69.05 US cents, up from 68.89 US cents on Friday while the big banks enjoyed gains. The Australian stock market has soared to an 11-year high on the back of the Coalition's shock election winInvestors appeared to be buoyed at voters rejecting Labor's plan to deprive share-owning retirees, who don't pay income tax, from receiving franking credits. Scentre was down 0.39 per cent after the property group sold a 50 per cent stake in Sydney's Westfield Burwood shopping centre.

Source: Daily Mail May 20, 2019 03:14 UTC