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Enthusiastic investors have helped the Australian share market close more than one per cent higher after promising test results for coronavirus vaccines.

The S&P/ASX200 benchmark index closed up 82.5 points, or 1.26 per cent, to 6644.1 on Tuesday.

The index remains at levels last reached in late February, before investors became nervous about the coronavirus.

The All Ordinaries closed higher by 83.5 points, or 1.23 per cent, to 6855.5.

All sectors were stronger. Energy was the standout sector, up by 3.48 per cent.

AstraZeneca became the latest major drugmaker to say its vaccine could be about 90 per cent effective. Oxford University has reported a similar level of success.

The Aussie dollar was buying 73.14 US cents at 1620 AEDT, higher from 73.13 US cents at Monday’s close.