The Australian sharemarket rallied on Wednesday as the US vote count rolled in showing former President Donald Trump on track to secure a remarkable return to power. The benchmark ASX200 lifted 67.7 points, or 0.
83 per cent, to close at 8199.5, while the broader All Ordinaries index jumped 68.2 points, or 0.
81 per cent, to 8456. The All Technology index surged 2.24 per cent to 3609.
7. The rally was widespread, with eight of 11 industry sectors ending in the green, led by IT with a sharp 1.89 per cent lift.
WiseTech Global gained 1.02 per cent to $122.42 a share, while Xero added 2.
25 per cent to $153.68 and Technology One rose 3.05 per cent to $25.
37. Financials also surged, gaining 1.61 per cent.
Commonwealth Bank lifted 1.12 per cent to notch a fresh record close of $145.46, while NAB climbed 1.
58 per cent to $39.25, Westpac added 1.07 per cent to $32.
26 and ANZ added 0.55 per cent to $31.27.
The Trump rally is fuelled by investor speculation a Republican administration will usher in business-friendly policies, including tax cuts and increased spending. “Trump plans to make the 2017 personal tax cuts permanent and slash the corporate tax rate to 15 per cent for domestic manufacturers,” IG markets analyst Tony Sycamore said. “This will lead to a ballooning deficit, currently at an enormous 6 per cent of GDP.
“Markets are reacting in textbook fashion to these expectations. “Meanwhile, the potential for a pro-crypto administration has propelled Bitcoin to a record hi.
