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Australia’s share market has closed at its highest level since February as investors believe a coronavirus vaccine will be produced.

The S&P/ASX200 benchmark index closed higher by 109.2 points, or 1.72 per cent, to 6449.7 on Wednesday.

The All Ordinaries closed higher by 107.1 points, or 1.64 per cent, to 6651.1.

The indices rose early, and moved higher in the last few hours of trade.

All industry sectors finished higher.

Investors remain buoyed by Pfizer on Tuesday saying a vaccine it is developing with German partner BioNTech SE was 90 per cent effective against COVID-19.

The Aussie dollar was buying 73.09 US cents at 1623 AEDT, higher from 72.82 US cents at Tuesday’s close.