SYDNEY, AAP – A broad-based rally has helped the Australian share market to its biggest day of gains in almost two weeks.

The market rose 0.86 per cent and market giant CSL was instrumental – its shares jumped almost five per cent.

The biotech last week lost more than eight per cent after revealing it would sell cheap new stock to fund a takeover of pharmaceutical group Vifor Pharma.

The benchmark S&P/ASX200 index on Tuesday closed up 62.8 points, or 0.86 per cent, to 7355 points.

The All Ordinaries closed higher by 64.5 points, or 0.85 per cent, to 7666.7 points.

The Australian dollar was buying 71.13 US cents at 1621 AEDT, higher from 71.07 US cents at Monday’s close.