Australia: Shares rise as US election results roll in

[BENGALURU] Australian shares tracked Wall Street's gains to hit a more than one-week high on Thursday as investors hoped a Joe Biden presidency and a divided Congress would make the Democratic agenda of tough financial regulations unlikely, boosting stocks.

The S&P/ASX 200 index rose 0.8 per cent to 6,111.9 by 0027 GMT.

"There's potential for more volatility ahead with the elections, but if the Democrats are not going to get the Senate, then it may be more positive for markets with some of the plans they were coming with," said IC Markets General Manager Nick Twidale.

US stocks surged overnight as President Donald Trump's win in the major battleground state of Florida led investors to believe a Democratic Party-led Congress was not on the cards even if Joe Biden wins the presidency.

The Australian healthcare index gained 2.8 per cent and was the biggest boost to the benchmark. Domestic healthcare firms rely heavily on exports to the United States and benefit from a weakness in the Australian dollar.

Heavyweight CSL climbed 2.7 per cent to a more than two-week high, while ASX-listed shares of California-based ResMed added 2.3 per cent.

Elsewhere, Treasury Wine Estates tumbled 7.4 per cent after the world's largest listed winemaker disclosed on Wednesday that a Chinese drinks group requested tariffs on Australian wine.

National Australia Bank rose 1.2 per cent despite posting a slide in annual profit as analysts cheered a better margin performance than peers and strong common equity Tier 1 position.

The local mining index fell 0.6 per cent after Chinese iron ore futures slid 1.2 per cent, while technology stocks jumped 1.7 per cent, tracking the tech-heavy Nasdaq Composite's solid finish overnight.

Poultry producer Inghams Group jumped 12.3 per cent and was the top gainer on the benchmark.

New Zealand's benchmark S&P/NZX 50 index gained 0.6 per cent to 12,267.1 and was set for a third straight day of gains.

REUTERS