Australian shares rose Wednesday as the 2024 US presidential election polls closed and results started to trickle in.

The S&P/ ASX 200 rose 8% or 67.70 points to close at 8,199.50.

Markets are expecting "high drama" and volatility in the coming days before a clear winner emerges from the election, Reuters said. Based on the Associated Press' latest tally, Vice President Kamala Harris has won 210 electoral votes, while Donald Trump has secured 247.

In domestic news, industrial activity in Australia contracted further in October with the Ai Group Australian Industry Index falling 10.1 points to negative 28.8 in October.

Meanwhile, the Australian Bureau of Statistics said that the country's living costs rose in the September quarter driven by the insurance and recreation segments with the five living cost indexes rising between 0.3% and 0.6% in the three months to September.

On the corporate front, Domain Holdings Australia (ASX:DHG) said total revenue rose about 8% in the fiscal first quarter from the previous year, with a 15% year-on-year depth revenue growth, 12% total residential revenue growth, and a 9% year-on-year increase in digital revenue. Its shares fell 6% at market close.

Goodman Group (ASX:GMG) affirmed its growth forecast of 9% for its fiscal 2025 operating earnings per share. The data center operator also confirmed full-year distribution of AU$0.30 per share. Its shares ended marginally lower.

The Australian Competition and Consumer Commission will conduct its public hearings involving the country's largest supermarket chains from Nov. 7 to 22. Woolworths (ASX:WOW) will attend the hearing from Nov. 18 to 19, while Coles Group (ASX:COL) will appear from Nov. 21 to 22.