Australian engineering and mining firm AJ Lucas’s share price nearly doubled in the first week following the Conservative party’s surprise election win on May 7. The dramatic jump in value coincided with the promotion of fracking-friendly Amber Rudd to energy and climate secretary.
On the day of the UK election, AJ Lucas was trading at AUD$0.30 (£0.15) on the London Stock Exchange. One week later, on Friday May 15, company shares were worth AUD$0.57 (£0.29).
With a majority government, the Conservative party has enthusiastically embraced the prospect of shale gas providing a domestic source of energy. Earlier this week Rudd confirmed the government would “kick-start” fracking by loosening rules regarding fracking under national parks.