The Australian share market has closed higher, following a strong lead from Wall Street.

At the close on Friday, the benchmark S&P/ASX200 index was 18.8 points, or 0.34 per cent, higher at 5,588.3, while the broader All Ordinaries index was up 19.4 points, or 0.35 per cent, at 5,551.6, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 28 points higher at 5,534, with 29,868 contracts traded.