The reaction to Canada's first Liberal majority government in more than a decade is likely to be mixed from the stock market and Canada's business community.
Canada's oilpatch was clearly pulling for another Conservative government, as the Tories have been a close friend to the energy industry over the years
The Tories campaigned hard in favour of expanding Canada's pipeline network, while the Liberals had a more nuanced, case-by-case approach: in favour of TransCanada's Energy East pipeline that would stretch across the country, but lukewarm on their proposed Keystone XL expansion down to the U.S. and downright frosty against Enbridge's proposed Northern Gateway project in B.C.
Indeed, other oilpatch CEOs had expressed concern about a Grit government ahead of the vote.
Grant Fagerheim of Calgary-based oil and gas producer Whitecap Resources Inc. said he was "very concerned" about the possibility of Canadians electing another Prime Minister Trudeau.
Fagerheim cited the National Energy Program introduced in 1980 by the Liberal leader's late father, as a point of concern for Canada's oilpatch.
He said it took 15 years for the industry to recover from the program.
Other sectors could be poised to do well, notably anything tied to infrastructure building. One of the centrepieces of the Liberal platform was a pledge to spend $60 billion to fill Canada's yawning infrastructure gap, updating the county's roads, bridges and railways so that businesses can use them more efficiently.
The $60-billion figure represents only about 3% of the government's total spending, so a wholly reasonable sum for the government to afford without going deeper into debt, experts said.
The small business community was cautiously optimistic to the news, as the Liberals made some promises that small businesses like to hear on the campaign trail, including changing payroll taxes and improving access to skilled labour and training programs.
One area of the economy that should see a direct impact from Monday's vote is the bond market.
Deficits mean the government will be borrowing more money, which means government debt already out there is slightly less attractive as an investment.
The Canadian dollar was largely unmoved by the news, holding steady as the votes came in Monday evening and briefly dipping about 0.20 of a cent when the Liberals veered into majority territory.
