ASX Edges Higher at Noon After Labor Win

The local bourse has edged higher this morning after the weekend's federal election provided some certainty over the country's direction, removing the threat of a hung parliament.

The benchmark S&P/ASX 200 index at noon on Monday was 14.8 points to 7,160.4, a gain of 0.2 per cent. The broader All Ordinaries was up 18.7 points, or 0.25 per cent, to 7,409.7.

The materials sector was the biggest gainer, up 1.4 per cent, as Labor appeared to be on the verge of being able to form a government without any help from the Greens.

Other sectors were mixed, with financials, tech, health care and utilities all down by around half a per cent. Energy had climbed 0.9 per cent.

$Fortescue Ltd(FMG.AU)$ was up 3.8 per cent to $20.92, $Rio Tinto Ltd(RIO.AU)$ had risen 1.9 per cent to $110.40 and $BHP Group Ltd(BHP.AU)$ had climbed 2.2 per cent to $48.20.