Aust stocks close higher

Local market snaps six-day losing streak as traders take advantage of bargains.

The Australian stock market has closed higher, snapping a six-day losing streak as traders take advantage of bargains in the absence of major news flow.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index rose 0.71% to 5,098.4 points, while the broader All Ordinaries index added 0.64% to 5,101.5 points.

IG analyst Chris Weston said volumes were good at around $4.5 billion today, and Chinese and Japanese bourses also lifted.

"The market was a bit oversold and we're seeing good buying coming back in," Mr Weston said.

"There's good price action coming from the banks, and even QBE is getting good trading action."