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ASX hits eight-month high as Biden wins election

Lucy Dean
·3-min read
Democratic presidential candidate former Vice President Joe Biden gives a speech on the Supreme Court at The Queen Theater, Sunday, Sept. 27, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)
Joe Biden has won the election. Here's how markets are reacting. (AP Photo/Andrew Harnik)

The Australian share market remained in high spirits today, with the benchmark S&P ASX200 closing up 108.6 points or 1.75 per cent higher on Monday, to 6,298.80 points.

The broader All Ordinaries closed similarly up 120.7 points or 1.89 per cent to 6,515.70 points.

The gains were led by REA Group, which rose more than 9 per cent, followed by Nearmap (8.13 per cent) and Zipco (7.06 per cent). Fortescue Metals and Mineral Resources also saw gains of 6.4 per cent and 5.96 per cent respectively.

What happened this afternoon?

The benchmark S&P ASX200 was trading higher in lunchtime trade, up 1.76 per cent to 6,299.20 points at 12:32pm AEDT.

Earlier in the day, it hit 6,303.1 points, taking it to its highest level since 6 March with miners, property and tech firms leading the charge.

REA Group was trading 8.76 per cent higher, while Domain Holdings was also up 5.4 per cent at time of publication. Zip Co was up 5.75 per cent.

The broader All Ordinaries was also soaring, up 1.86 per cent to 6,514.00 points.

What happened this morning?

The Australian share market jumped at the open on Monday as it reacted to US Democratic candidate Joe Biden securing the election and the presidency.

The ASX200 lifted 1.10 per cent at 10:29 am AEDT to hit 6,258.10 points, while the All Ordinaries also lifted 1.15 per cent to hit 6,468.50 points.

While incumbent President Donald Trump has refused to concede the election, Biden has called for an end to the “harsh rhetoric” within the polarised nation.

Markets around the world also expect Biden’s presidency will herald more diplomatic relations with China, and potentially eased tariffs.

“Biden has some protectionist tendencies. But he has pledged to repair relationships with traditional U.S. allies and work jointly to convince China to change its practices,” chief investment officer, American Century Investments’ chief investment officer Victor Zhang said on Monday.

“Importantly, a Biden presidency removes some uncertainty from trade discussions because we expect that he’ll bring a more stable and predictable approach to the negotiating table.

“He also has indicated a desire to use trade policy as leverage with China to gain its cooperation on global climate initiatives.”

However, Zhang said more turbulence is on the horizon if Trump refuses to concede.

What happened last week?

Wall Street finished lower on Friday after rallying throughout the week ahead of the weekend’s momentous count.

The S&P 500 finished less than 0.1 per cent lower to 3,509.44, but posted a 7.3 per cent gain for the week.

The Dow Jones Industrial Average also slipped 0.2 per cent to 28,323.40 and the Nasdaq composite edged up less than 0.1 per cent to 11,895.23.

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