obama gets second term, page-27

From ABC NewsPosted 1 hour 43 minutes ago

"MAP: Australia
The Australian share market has rallied along with the dollar and commodities on the re-election of US president Barack Obama.

The All Ordinaries index jumped close to 0.5 per cent on the announcement, finishing 0.7 per cent higher at 4,534.

The ASX SPI 200 index rose 32 percentage points to 4,517.

The Australian dollar had a small jump to 104.5 US cents.

Global markets were concerned Republican Mitt Romney would end stimulus from the US Federal Reserve if he was elected president.

The White House is not able to interfere in Federal Reserve decisions but the president is able to choose the central bank's chairman.

Ben Bernanke, the current chairman, is nearing the end of his tenure.

The win by Mr Obama means the markets have another four years before they have to worry.

Locally, most sectors ended in positive territory after turning around earlier losses.

The banks extended gains, with Westpac up 1.3 per cent.

Macquarie Group shares rose 1.6 per cent after announcing a return to retail banking, by marketing mortgage products through wealth management firm Yellow Brick Road - its shares remain in a trading halt.

Resource stocks jumped in line with a rise in metals prices.

Rio Tinto added 0.8 per cent while BHP Billiton rose half as much.

At the close of trade, the Australian dollar was buying 81.3 euro cents, 65.2 British pence and 83.7 Japanese yen.

West Texas crude jumped to $US88.50 per barrel and Tapis rose to $US116.

The spot gold price also got a significant from yesterday's close, trading at $US1,723 an ounce."