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The Australian share market has moved higher, shrugging off concerns about slowing global economic growth.

The benchmark S&P/ASX200 index was up 21.3 points, or 0.32 per cent, to 6,674.5 points at 1200 AEST on Wednesday, while the broader All Ordinaries was up 20.5 points, or 0.30 cent, to 6,761.6.

Shares in utilities and consumer staples were the best performers, climbing 2.0 per cent and 1.74 per cent respectively.

APA Group gained 2.29 per cent to $11.18, AGL was up 2.03 per cent to $20.855, and AusNet added 1.33 per cent to $1.91.

The consumer sector was boosted by Woolworths, which was up 2.52 per cent to $33.76, after the supermarket giant said it planned to divest its liquor and gaming businesses.

Coles was up 1.80 per cent to $13.61 while IGA supplier Metcash was up 1.14 per cent to $2.67.

The energy and financial sectors were the only segments of the ASX in the red, shedding 1.86 per cent and 0.45 per cent.

Santos, Woodside Petroleum, Oil Search and Beach Energy were down between 1.88 per cent and 5.02 per cent after oil prices slumped more than four per cent on weak economic data from around the world suggesting lower future demand for crude.

Manufacturing activity shrank in the US as well as in most Asian and European countries in June, according to official data released in recent days.

The big four banks were all lower, with ANZ down 0.93 per cent to $27.61, Commonwealth down 0.65 per cent to $80.52, NAB down 0.34 per cent to $26.40, and Westpac down 0.82 per cent to $27.70.

Mining giant BHP was up 0.57 per cent to $42.28 while Rio Tinto was up 1.14 per cent to $107.665 and Fortescue Metals was up 2.72 per cent to $9.43.

Gold miners were bolstered after the value of the yellow metal rose again overnight, with Newcrest up 1.59 per cent to $31.97, Northern Star up 1.06 per cent to $11.46 and Evolution Mining up 2.34 per cent to $4.38.

The Aussie dollar is buying 69.89 US cents from 69.80 US cents on Tuesday.