The share market has closed higher as takeover speculation fueled a big gain for gas giant Santos and other sectors recovered from early weakness.

The benchmark S&P/ASX200 was up 0.2 per cent at 5,943.5 points at 1630 AEDT, as almost all sectors recovered from early falls to end the day higher.

Citi markets equities director Karen Jorritsma said news of Santos rejecting an unsolicited multi-billion takeover offer from a US investor took the market by surprise.

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