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The Australian share market has bounced back from a morning dip to rally higher.

The benchmark S&P/ASX200 index was up 31.2 points, or 0.47 per cent, to 6,672.2 points at 1200 AEST on Wednesday, while the broader All Ordinaries was up 27.2 points, or 0.40 per cent, to 6,763.0.

The consumer staples sector added one per cent, leading gains at midday.

Woolworths was up 0.70 per cent to $34.30 and Coles was up 1.15 per cent to $14.02 while Elders soared 15.28 per cent to $6.98 and Bubs jumped 6.77 per cent to $1.34.

Mining giant BHP bolstered the heavyweight materials sector after it reported a rebound in iron ore output in the fourth quarter and forecast modest output growth in 2019/20 amid a surge in prices.

BHP was up 1.51 per cent to $41.78 while Rio Tinto was up 0.69 per cent to $103.96 but Fortescue Metals was down 1.45 per cent to $8.86.

Energy shares collectively fell 0.54 per cent after an easing of US-Iran tensions lowered oil prices.

Santos, Woodside Petroleum, Oil Search and Origin Energy were down between 0.27 per cent and 3.06 per cent.

The big four banks all flipped into positive territory after having started the day in the red, with ANZ up 0.46 per cent to $27.115, Commonwealth up 0.58 per cent to $81.32, NAB up 0.48 per cent to $26.97 and Westpac up 0.14 per cent to $27.70.

Estia Health was down 4.33 per cent to $2.65 after the aged care provider confirmed it had been hit with a class action suit alleging it had deceived investors.

The Aussie dollar is buying 70.19 US cents from 70.31 US cents on Tuesday.