The Australian share market has closed higher thanks to gains among energy and materials stocks.

Options XPress analyst Ben LeBrun said despite ongoing global worries, investors had been buoyed by a positive session on Wall Street and a lift in oil prices.

“We’ve closed off our highs, but certainly the gains that we’re seeing have been led by the energy and materials sector,” Mr LeBrun said.

He said the ASX200 was unable to push above the psychological barrier of 5000 points amid low volumes.

Energy giant Woodside Petroleum gained 45 cents, or 1.8 per cent, to $25.07, while miner BHP Billiton added 25 cents, or 1.6 per cent, to $16.39 and Rio Tinto rose 63 cents, or 1.5 per cent, to $42.97.

Among the big four banks, the Commonwealth Bank slipped 16 cents or 0.2 cents to $70.98 while NAB, Westpac and ANZ posted modest rises.

Bank of Queensland shares fell after the regional lender delivered an improved half year profit and lifted its variable home loan interest rates.

Bank of Queensland shares were 14 cents lower at $11.45.

Telstra was one of the few major stocks to be weaker, down four cents at $5.18.

KEY FACTS:

* At the close, the benchmark S&P/ASX200 index was up 18.2 points, or 0.37 per cent, at 4,964.1 points.

* The broader All Ordinaries index was up 17.7 points, or 0.35 per cent, at 5,042.3 points.

* The June share price index futures contract was up 11 points at 4,943 points, with 24,018 contracts traded.

* National turnover was 2.6 billion securities traded, worth $4.97 billion.