Aust stocks set to open higher

Local market tipped to post modest early gains as investors react to new govt.

The Australian stock market looks set to open modestly firmer as investors react to Tony Abbott's election victory and moderate US employment growth.

But the incoming coalition government's pledge to repeal the mining tax is not expected to boost resource giants BHP Billiton (BHP) and Rio Tinto (RIO) during early trading.

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