The Australian share market has finished higher across nearly all sectors, clawing back its losses from the last two days and narrowly missing closing at a new one-month high.

The S&P/ASX200 benchmark index finished Friday up 71.2 points, or 1.31 per cent, at 5,487.5 – just 0.6 points shy of its one-month closing record set on Tuesday.

The All Ordinaries index finished up 77.1 points, or 1.41 per cent, to 5,544.7.

The Australian dollar was buying 63.40 US cents, up from 63.02 US cents at the close of markets on Thursday.