U.S. Election: ASX 200 plunges as Trump takes lead

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has taken a violent turn south on the latest results for the U.S. presidential election.

While Australian shares began the session in sensational fashion, quickly rising more than 1%, the main bourse has now fallen 90 points or 1.5% to 5,165 points. At the time of writing, there are only 15 shares from the ASX 200 trading in positive territory, with the gold miners the clear leaders.

Regis Resources Limited (ASX: RRL), for instance, has soared 7.1%. Newcrest Mining Limited (ASX: NCM) is up 6.2% and St Barbara Ltd (ASX: SBM) is up 5.5%, while EVOLUTION FPO (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) have gained 4.8% and 4.1%, respectively.

Elsewhere, Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC) have all dropped more than 1%.

BHP Billiton Limited (ASX: BHP) was up strongly this morning but has since tanked 2.5% lower, while Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) have dropped 1.6% and 1.8%, respectively.

Among the biggest losers for the day are Mayne Pharma Group Ltd (ASX: MYC), Aristocrat Leisure Limited (ASX: ALL) and Beach Energy Ltd (ASX: BPT). The trio are all trading between 7.6% and 11.5% lower, with Aristocrat being the worst of the three.

Today’s session will no doubt bring back memories for investors who watched their screens on June 24, when Britons took part in the Brexit vote. Markets swung wildly for the day and ended the session significantly lower when the result was made clear.

Shares could continue to fall today, and likely will if Trump does take the presidency. As hard as it may seem, the important thing is to remain calm. The market is in a panic and frantically exiting positions right now, but the volatility will pass.

These Low Interest Rates Could Totally Devastate Your Retirement!

With global interest rates set to remain at these "emergency low" levels for years -- perhaps even decades -- unless you take decisive action NOW, your retirement could be seriously at risk. Click here to learn how to NOT run out of money in retirement.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

HOT OFF THE PRESSES: My #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.