ScoMo boost
Stock markets are well and truly off and running this morning.
The ASX is now trading at the highest level since 2007.
The banks are faring especially well as the threat of a range of housing taxes from the ALP has been removed.
Westpac (ASX: WBC) is up by a massive 8 per cent in early trade.
NAB and ANZ are also both up 7 per cent respectively.
Commonwealth Bank (ASX: CBA) tore 6 per cent higher to above $77, eclipsing anything seen all the way through the banking Royal Commission.
The second tier banks saw strong gains, though not quite in the same league, perhaps indicating something of a power shift back towards the major lenders.
There were also strong gains for private health insurers in early trade, with Medibank and NIB both recording double digit percentage gains.
The election result is a very significant one for banks, partly due to regulation, partly due to perception, and largely because it improves housing market dynamics by removing some of the poorly thought through reforms on negative gearing and capital gains tax.
