The Australian share market booked its best performance in two months as investors shrugged off the turmoil in the U.S.
Even though the Capitol building in Washington was put on lockdown, Trump supporters were seen breaking windows, walking through the building, waving flags and clashing violently with police.
The Capitol’s attack forced the Senate and the House of Representatives to halt their debate over the congressional certification of Joe Biden’s electoral victory over Trump in November’s presidential election, which is usually a ceremonial affair.
The process has since resumed, as lawmakers have just started the procedural process of counting the Electoral College votes and formally declaring President-elect Joe Biden the winner.
President-elect Joe Biden defeated President Trump by 306-232 electoral votes.
Biden has also passed 270 votes in the electoral college vote, meaning his inauguration path on January 20 is clear.
At the closing bell, the benchmark S&P/ASX 200 index erased the previous day loss and chalked up +104.85 points, or +1.59%, to 6,711.95, while the All Ordinaries surged +99.10 points, or +1.44% to settle at 6,980.50.
Our major local miners continued to shine after putting in a stellar performance, with Rio Tinto leading the titans higher after surging +8.56% to $125.66, while BHP Group rallied +6.08% to $46.90, Fortescue Metals Group added +3.47%, to $25.92 and Mineral Resources climbed +3.27%, to $39.76.
Gold resources struggled to advance with Newcrest Mining falling -0.29%, to $27.59, Northern Star Resources lost -0.97%, to $13.31, Westgold slipped -2.92%, to $2.66.
Meanwhile, OZ Minerals rallied +6.27%, to $20.77, Saracen Minerals slid -1.93%, to $5.00, Ramelius Resources declined -0.56%, to $1.76, Silver Lake Resources closed -4.25% lower to $1.915 and Evolution Mining Ltd lost -2.32%, to $5.05.
The Financial sector lifted the Index with Australia and New Zealand Banking Group leading the “Fab Four” (banks) higher by +3.78%, to $23.64, with Westpac Banking Corp added +3.2%, to $19.99, National Australia Bank rose +2.81, to $23.04, Commonwealth Bank climbed +2.03%, to $84.58, and Macquarie Group rallied +1.94% and settled to $138.45.
As for our oil and gas producers, Woodside soared +5.05%, to $24.35, Oil Search surged +6.94%, to $4.16, Origin Energy added +3.48%, to $5.06, AGL Energy added +0.58%, to $12.10 and Santos climbed +7.42%, to $6.95.
Buy now, pay later Afterpay plummeted -4.71%, to $108.85, WiseTech fell -1.11%, to $28.59, Computershare added +0.57%, to $14.20, and Xero fell -5.05%, to $140.53.
Travel stocks managed to keep above the waterline with Webjet adding +0.59%, to $5.08 and Flight Centre climbed +0.58%, to $15.74.
Biotechnology giant CSL lost -1.21% to $275.00, while ResMed fell -0.37% to $27.00, Fisher & Paykel Healthcare dropped -1.3% to $30.29, while Cochlear lost -1.34% to $182.50 and Mesoblast ended flat at $2.26.
Meanwhile, our local currency, the Australian dollar is currently buying US$0.7736 (as of writing).