Australian shares set for best day since mid-June as Democrats' win sparks rally

Australian equities climbed on Thursday, with the S&P/ASX 200 up 1.8% at 8,991.30 by 0102 GMT. Business Recorder reported that the index was heading for its biggest one-day advance since June 12, following a 0.6% decline in the previous session.

The move tracked gains in global markets after Democrats won control of both US congressional chambers, easing concerns over policy uncertainty. Nine of 12 Australian sectors advanced; technology rose 8.2%, miners gained 6.1% and gold stocks increased by more than 9%, while energy stocks lost over 5%.

Lower oil prices supported airlines, while stronger copper and iron ore prices aided miners. National Australia Bank fell as much as 7.9% after reporting a steeper-than-expected drop in annual cash profit, reflecting higher credit impairment charges and expenses.