The Australian share market has climbed to fresh 11-and-a-half year heights as a broad rally boosted most sectors by more than a percentage point.

The benchmark S&P/ASX200 index was up 80.1 points, or 1.24 per cent, to 6,524.0 points at 1200 AEST on Tuesday, while the broader All Ordinaries was up 78.6 points, or 1.2 per cent, to 6,586.4.

The last time the local share market was at this level was in November 2007 when the impacts of the global financial crisis began to bite.

Healthcare shares led gains on Tuesday, collectively adding more than two per cent by noon.

Pharma giant CSL was up 2.64 per cent to $209.19 and medical supplier ResMed was up nearly 2.5 per cent to $17.00.

Only the utilities sector was in negative territory, losing 2.08 per cent, as AGL fell 6.41 per cent to $19.57 following the announcement of its new $3 billion bid for telco Vocus.

Vocus itself was up 9.27 per cent to $4.185 after AGL’s offer to acquire the Sydney-based company’s shares for $4.85 each.

The tech, industrial, telecommunications, consumer staples and consumer discretionary sectors all gained more than one per cent.

Mining giant BHP was up 1.66 per cent to $38.47 while Rio Tinto was up 1.68 per cent to $99.645.

The big four banks all rose as well, with ANZ up 1.16 cent to $28.70, Commonwealth up 1.22 per cent to $80.975, NAB up 1.12 per cent to $27.20 and Westpac up 1.22 per cent to $28.32.

The Star Entertainment Group was down 16.96 per cent to $3.745 after the casino operator said it expected its full year earnings to dip.

Wall Street finished higher overnight, with the Dow Jones Industrial Average up 0.30 per cent, the S&P 500 up 0.47 per cent and the tech-heavy Nasdaq Composite up 1.05 per cent.

The Aussie dollar is buying 69.56 US cents, from 69.69 US cents on Monday.