The Australian share market hit at a 14- month high on Tuesday, closing above the 4500 level for the first time since August 2011.

Energy and Resources stocks drove the gains on the back of positive price action in China and Hong Kong.

At the close of trade on Tuesday, the benchmark S&P/ASX200 index was up 23.4 points, or 0.52 per cent, at 4,505.3, while the broader All Ordinaries index had risen 24.6 points, or 0.55 per cent, to 4,526.6.

On the ASX 24, the December share price index futures contract was 30 points higher at 4,509 with 22,806 contracts traded.

CMC Markets chief market analyst David Land said the local markets gained momentum early in the day in line with China and Hong Kong markets.

“In the markets that have been doing well around the region, the energy sector has had a screamer,” Mr Land said.

“It seems to be representative of a return to confidence for the materials sector.”

Australian, Chinese and Hong Kong markets rose on Tuesday as bargain hunters moved in following the previous day’s losses, but the Tokyo market was hit by a stronger yen.

Australian mining giants and energy stocks all posted gains.

BHP Billiton was up 22 cents to $33.47, Fortescue was 24 cents higher to $3.95 and Rio Tinto added 80 cents to $55.70.

Woodside Petroleum gained 60 cents to $33.58 and Caltex Australia added 21 cents to $17.04.

Santos shares finished six cents higher at $11.66 while Oil Search shares closed 24 cents higher at $7.78.

The Sydney gold price was $US1777.67, up $US9.98 on Monday’s closing price of $US1767.69

National turnover was 1.53 billion securities worth $3.36 billion, with 522 stocks up, 425 down and 337 unchanged.