The Australian share market has closed higher, with gains in all sectors.

At the close on Wednesday, the benchmark S&P/ASX200 index was 40.5 points, or 0.77 per cent, higher at 5,321.8, while the broader All Ordinaries index was up 41.2 points, or 0.78 per cent, at 5,301.2, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 40 points higher at 5,330, with 28,808 contracts traded.