SYDNEY, AAP – A late rally has helped the Australian share market to modest gains while losses for materials shares prevented greater improvement.

The market improved on Monday after China’s central bank cut loan rates following weak GDP data.

Most ASX share categories were higher but a loss of almost one per cent for materials limited gains.

The benchmark S&P/ASX200 index closed higher by 23.4 points, or 0.32 per cent, to 7417.3 points.

The All Ordinaries index closed up 22.2 points, or 0.29 per cent, to 7739.3 points.

The Australian dollar was buying 72.06 US cents at 1620 AEDT, lower from 72.79 US cents at Friday’s close.