SYDNEY, AAP – Investors have enjoyed a broad-based rally on the Australian share market, which closed with its biggest gain in more than a week.

The S&P/ASX200 benchmark index closed higher by 79.6 points, or 1.19 per cent, to 6742.6 on Tuesday.

The index is at its highest closing level since late February last year, when investors rapidly sold stock due to the coronavirus.

The All Ordinaries closed higher by 79.6 points, or 1.15 per cent, at 7015.0.

Major sectors financials, materials and health all had gains of more than one per cent.

US markets were closed earlier for the Martin Luther King Jr public holiday. Stocks in Europe were mixed.

The Aussie dollar was buying 77.17 US cents at 1617 AEDT, higher from 76.84 US cents at Monday’s close.