The Australian share market has closed higher, with the sharp rise in shares in takeover target Toll Holdings giving a bullish tone to the broader market.

At the close on Wednesday, the benchmark S&P/ASX200 index was 57.5 points, or 0.98 per cent, higher at 5,915.7, while the broader All Ordinaries index was up 55.4 points, or 0.95 per cent, at 5,877.7, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 52 points higher at 5,872, with 25,671 contracts traded.