Australian shares higher as US election grips markets

The local share market finished higher and the Australian dollar tumbled as Republican candidate Donald Trump took an early lead in the United States presidential race still considered too close to call.

At the close on Wednesday, the S&P/ASX 200 index was up 67.7 points, or 0.8 per cent, to a seven-day high of 8199.5 points. The broader All Ordinaries was ended 68.2 points higher, or 0.8 per cent, to 8456.0.

The Australian dollar sunk to a three-month low, buying 65.40 US cents, down from 65.98 US cents at Tuesday's ASX close, as early election developments supported the greenback.