Australian shares traded flat on Thursday as investors digested Donald Trump’s victory in the US presidential election, with losses in gold stocks countering gains in energy names, while National Australia Bank tumbled on weak annual earnings.

The S&P/ASX 200 index was flat at 8,207.9, as of 2319 GMT.

The benchmark closed 0.8% higher on Wednesday. Republican Trump won the 2024 US presidential election in a stunning comeback four years after being voted out of the White House, sending equities higher across the globe.

In Sydney, shares of National Australia Bank fell by 2.5% and were on track for their worst session since Sept. 25, after the lender posted an 8.1% drop in annual profit.

Shares of Sigma Healthcare gained as much as 38.8% to hit a record high, after the Australian competition regulator approved an A$8.8 billion merger between the pharmacy wholesaler and privately owned pharmacy giant Chemist Warehouse.

Among sub-indexes, energy rose as much as 1.7% after a three-session slide, even though Brent crude futures fell 0.49% to $75.16.

Sector majors Woodside Energy and Santos were up 1.4% and 1.7%, respectively.

Tracking their Wall Street peers, technology stocks gained 0.7%. Gold stocks fell 6% in their third straight session of losses and were on track for their worst day since late-September 2022.

Gold prices, however, were up 0.06% at $2,661.70 per ounce.

Australian shares rise on commodity, tech boost; investors await US election verdict

Gold miners Northern Star Resources and Evolution Mining fell as much as 7.9% and 6.7%, respectively.

Miners inched lower 0.2% amid weak iron ore futures prices.

Market participants globally are now awaiting the US Federal Reserve’s policy decision due later in the week.

In New Zealand, the benchmark S&P/NZX 50 index was flat at 12,656.84.