Australia’s share market has closed at its highest level since March after investors were heartened by a decision in the US presidency vote, and a split Congress blocking major policy change.

The S&P/ASX200 benchmark index closed higher by 108.6 points, or 1.75 per cent, to 6298.8 on Monday.

The All Ordinaries closed up 120.7 points, or 1.89 per cent, to 6515.7.

All industry sectors bar utilities were higher.

US stock index futures rose on Sunday after President-elect Joe Biden was declared the winner after days of counting.

The Aussie dollar was buying 72.94 US cents at 1619 AEDT, higher from 72.65 US cents at Friday’s close.