The Australian share market has rebounded from yesterday's sell-off to post its biggest one-day gain since October 2011.

Investors took heart with President-elect Donald Trump's victory speech, which was conciliatory and called for unity.

At the close, Australia's benchmark ASX 200 index soared 3.3 per cent to 5,328. The share market closed 1.9 per cent lower yesterday.

"Trump's acceptance speech was definitely the catalyst for investors to come out of their state of shock," said Gary Huxtable, client advisor at Atlantic Pacific Securities.

Mr Huxtable added that the speech was well received by markets and "increased the probabilities that Mr Trump the president may take a much different approach than Mr Trump the campaigner".

Gains today were led by the companies that suffered most on Trump pessimism yesterday afternoon.

Among major mining companies, BHP Billiton and Rio Tinto both shot 8.2 per cent higher respectively, while Fortescue surged 10.7 per cent to $6.01.

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Traders have shifted their focus away from the risks of an economically damaging global trade war potentially being sparked by Mr Trump, to the possibility of increased US infrastructure spending boosting growth, inflation and demand for commodities.

The big four banks have also posted strong rebounds, with Westpac and ANZ gaining over 4 per cent each, while Commonwealth Bank and NAB climbed 3.3 per cent and 3.5 per cent respectively.

Across the Asia-Pacific markets also rallied, with the Nikkei rebounding 6.9 per cent to 17,367, and Hong Kong's Hang Seng up 2 per cent.

US Futures indexes point to a modest uptick when Wall Street opens, a stark contrast to the steep losses of more than 4 per cent indicated yesterday.

"We have just witnessed one of the most volatile 24 hours in US equity markets on record," wrote Westpac chief economist Bill Evans in a note.

"For me a very significant aspect of the speech was a very strong call to 'rebuild America'... higher investment, both private and public, will raise productivity and potentially lift the US out of the '2 per cent growth' trap that currently prevails."

Gold miners were the only drag on the ASX as investors sold out of the safe-haven metal as confidence came back to the market.

Newcrest Mining dumped 4.4 per cent, while St Barbara slumped 8.8 per cent.

Spot gold prices have gone from around $US1,320 an ounce late yesterday afternoon to $US1,286 an ounce this afternoon on the prospect of higher inflation and increased bets on US interest rate rise.

The Australian dollar has ticked modestly higher after a big drop on the Trump victory, and was worth 76.7 US cents by 4:52pm AEDT.