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The Australian share market has rallied, led higher by the heavyweight financial and mining sectors.

The benchmark S&P/ASX200 index was up 49.8 points, or 0.75 per cent, to 6,698.9 points at 1200 AEST on Friday, while the broader All Ordinaries was up 48.0 points, or 0.71 per cent, to 6,783.4.

NAB lead gains among the big four banks, rising 2.30 per cent to $27.54, after it announced Ross McEwan would be its new chief executive and managing director.

ANZ was up 1.12 per cent to $27.425, Commonwealth was up 0.92 per cent to $82.13 and Westpac was up 1.18 per cent at $27.905.

The big miners were mixed, with BHP down 0.06 per cent to $41.095, Rio Tinto up 0.52 per cent to $102.89 and Fortescue Metals up 1.04 per cent to $8.74.

Gold miners Newcrest, Northern Star, Evolution Mining, Regis Resources and St Barbara were up between 3.30 per cent and 6.45 per cent after the price of the yellow metal edged higher.

The utilities sector joined the materials and financial segments in gaining more than one per cent, with APA adding 1.57 per cent to $11.00 and AGL rising 1.53 per cent to $20.53.

The only sectors to dip into negative territory were energy, property trusts and healthcare.

There were indications of easing US-Chinese trade tensions after US Treasury Secretary Steven Mnuchin said delegates from both countries had spoken by telephone overnight, with suggestions that in-person talks could follow.

The Aussie dollar is buying 70.76 US cents from 70.33 US cents on Thursday.