A market analyst says electricity stocks - which received an almighty boost this morning following National's decisive election victory - may continue to make gains over the coming weeks on the back of a more certain political outlook.

The NZX50 index was up 1.27 per cent at 5247.09 just after 11am.

Electricity stocks, which would have taken the brunt of an opposition win on Saturday as a result of tough new regulation Labour and the Greens had planned to impose on the sector, are enjoying the biggest gains.

Instalment receipts in Meridian Energy opened up more than 10 per cent at $1.60 and recently traded at $1.53. Genesis Energy shares were up 2.6 per cent at $1.97, while Mighty River Power shares finally climbed back above their $2.50 initial public offer price, trading up 7 per cent at $2.58.

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Craigs Investment Partners head of private wealth research Mark Lister said he had expected electricity stocks to rally by between 5 and 10 per cent this morning.

"That's broadly what they've done," Lister said. "I think they'll continue to push higher over the coming weeks as people get comfort around the political environment and what it means for those stocks."

He said the dividend yields offered by the electricity companies remained highly attractive.

"For anyone who's looking for value or income, the power stocks still stack up in a big way and that's going to keep them pretty well supported," Lister said.

Nick Dravitzki, portfolio manager at Devon Funds Management, said today's market rally was no great surprise given the "comprehensive nature" of National's win.

With 61 seats, National could govern alone, although Prime Minister John Key has indicated he will work with previous partners the Maori Party, United Future and Act.

Dravitzki said the electricity sector reforms mooted by the opposition, which aimed to provide New Zealanders with cheaper electricity, may be gone for good.

"It's unlikely that you'll see them again in that shape at any time in the future," he said.

-with BusinessDesk