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No Brexit-style election shock for market
Markets have factored in a coalition victory on Saturday and there could be a negative reaction if Labor wins, AMP Capital head of investment strategy and chief economist Shane Oliver said. "I don't think you'd see anything like the Brexit reaction, where the market had factored in a remain outcome, betting agencies were in favour of that, and it turned out to be a Brexit," Dr Oliver told AAP. The share market could fall by one or two per cent if Bill Shorten claims victory, although it is difficult to predict, and a major factor will be what happens in the Senate.
Share market finishes higher
The share market has closed higher for a third straight day as fears over Britain's vote to leave the EU ease. At 1615 AEST on Friday, the benchmark S&P/ASX 200 index was up 13.2 points, or 0.25 per cent, at 5,246.6 points, while the broader All Ordinaries index was up 16.6 points, or 0.31 per cent, at 5,327 points.
Barrow Is evacuated due to gas leak
Workers on Chevron's massive Gorgon gas project on Barrow Island off Western Australia's Pilbara coast have been evacuated due to a gas leak, but the company says it is only a minor problem. The union went as far as evoking the disastrous explosion on Apache Energy's Varanus Island gas plant in 2007, which slashed WA's domestic supply by one-third for several months. "Chevron's primary concern is always the health and safety of personnel," the company said in an emailed statement.
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