The Australian sharemarket has firmed up its morning gains, as mining stocks and banks continue to lead the market higher, tracking election-day rises in the US as traders await the outcome of the tight presidential race.

The S&P/ASX 200 Index has jumped 77.3 points, or 1 per cent, to 8209.10 points as of 1.00pm AEDT, with all 11 of the bourse’s industry sectors in the green. The Australian dollar was 0.9 per cent lower at 65.78 US cents.

Australia’s mining heavyweights were powering the morning session after iron ore prices jumped another 2 per cent overnight to $US105.95 per tonne. BHP, the world’s largest miner, rose 0.6 per cent, Rio Tinto has gained 1.1 per cent and Fortescue added 0.6 per cent.

The local bourse is also being buoyed by financial stocks, with all big four banks trading higher. Commonwealth Bank, the biggest stock on the market, has lifted 0.9 per cent, while National Australia Bank, ANZ and Westpac have also advanced, up 1.1 per cent, 0.8 per cent and 0.9 per cent, respectively.

Consumer discretionary stocks have held their lead as the afternoon’s top-performer, up 1.1 per cent. Electronics retailer JB HI-FI remains positioned as the best-performing large cap with a gain of 2.9 per cent, while Kmart and Bunnings owner Wesfarmers have added 1.7 per cent.

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Local IT firms have followed the tech rally which lifted the US market overnight, with the information technology sector up 1 per cent. WiseTech has gained 0.5 per cent, while Xero and NextDC are both trading 1.1x per cent stronger.

Counting is underway in the US presidential election as candidates Kamala Harris and Donald Trump trade electoral votes in key battleground state’s.

On Wall Street overnight, US stocks rallied as voters headed to the polls on election day and more data piled up showing the world’s largest economy remains solid. The S&P 500 rose 1.2 per cent to pull closer to its record set last month. The Dow Jones climbed 427 points, or 1 per cent, while the Nasdaq composite gained 1.4 per cent.