Equities markets rallied despite US election uncertainty

The S&P/NZX 50 Index rose 50.1 points, or 0.4 percent, to 12,249.98. Within the index, 24 stocks rose, 20 fell and six were unchanged. Turnover was $250.1 million.

Equities markets rallied despite election uncertainty still lingering around the presidency, in part due to Republicans holding onto control of the Senate which makes significant legislative change unlikely.

At the time of writing, the Democrat presidential candidate looks likely to win the presidency. The Associated Press has Joe Biden just six electoral votes short of winning with five states yet to be called; he only needs to win one.

The kiwi dollar rallied from an overnight low of 66.17 US cents as the dust settled around the election and was trading at 67.01 cents at 5pm in Wellington.