Staff writers

Updated November 5, 2026 — 11:25am , first published November 5, 2026 — 5:21am

The Australian sharemarket has bounced higher at the open on the back of a Wall Street rally as the Democrats’ sweeping victory in the midterm elections fuelled optimism the Iran war could end soon, sending oil prices plunging.

The S&P/ASX 200 was up 160.5 points, or 1.8 per cent, to 8995 in early trade, with tech stocks leading the way higher while energy stocks slumped. The ASX shed 0.6 per cent on Wednesday.

Wall Street soared higher. AP

National Australia Bank shares slumped 6 per cent after the lender said its annual profit fell 9 per cent to $6.1 billion, with chief Andrew Irvine saying the risks of a recession have increased . Financial stocks overall were mixed in early trade, with Westpac losing 2.3 per cent and ANZ 0.8 per cent lower, while Commonwealth Bank edged up 0.1 per cent.

Mining stocks surged with Rio Tinto jumping 4.4 per cent, BHP 4 per cent and Fortescue 3.4 per cent.…