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The Australian share market is higher at midday, with most sectors except telecom industrials posting gains.

The benchmark S&P/ASX200 index was up 24 points, or 0.37 per cent, to 6,554.9 points at 1200 AEST on Tuesday, while the broader All Ordinaries was up 24.6 points, or 0.37 per cent, to 6,634.

The tech, health care and consumer staples sectors were leading gains, all up more than one per cent.

Coles was up 4.82 per cent to $13.385 after the super market giant said it was targeting $1 billion in cumulative savings over four years.

Others in the consumer staple sector also advanced, with Woolworths up 0.9 per cent to $32.595 and Wesfarmers gaining 1.7 per cent to $36.385.

Tech stocks were up 1.2 per cent, with Xero up 2.7 per cent to $60.685, Computershare up 1.2 per cent to $16.655 and Afterpay Touch up 5.1 per cent to $21.32 after losing more than 20 per cent of its value over the previous three days.

Telecommunications stocks led losses, collectively down 0.6 per cent as sector heavyweight Telstra dipped 0.9 per cent to $3.765.

The big four banks were mixed, with Commonwealth up 1.3 per cent to $81.24 and Westpac up 0.2 per cent to $28.04.

But NAB fell 0.2 per cent to $26.62 and ANZ was down 0.1 per cent to $28.24.

Mining giant BHP was up 0.4 per cent to $40.33, Rio Tinto was up 0.4 per cent to $104.285 and Fortescue Metals was flat at $8.47.

BlueScope Streel was down 1.5 per cent after announcing its full-year earnings were likely to miss expectations due to softer than anticipated market conditions in Southeast Asia and North America.

The Aussie dollar fell 0.17 per cent after the release of Reserve Bank of Australia minutes showing board members agreed that further reductions to the cash rate were “more likely than not” when they cut it to a record low 1.25 per cent this month.

The Aussie was buying 68.42 US cents, from 68.74 US cents on Monday.