The Australian share market has closed moderately higher, but dragged back by falls among energy players and telco giant Telstra, which paid out dividends.

At the close on Wednesday, the benchmark S&P/ASX200 index was 17.9 points, or 0.3 per cent, higher at 5,944.9, while the broader All Ordinaries index was up 18.6 points, or 0.32 per cent, at 5,908.6, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 32 points higher at 5,917, with 21,702 contracts traded.