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The Australian share market has moved higher, mirroring a relief rally on Wall Street overnight, as the big four banks each gained more than one per cent.

The benchmark S&P/ASX200 index was up 45.2 points, or 0.71 per cent, to 6,377.6 points at 1200 AEST on Wednesday, while the broader All Ordinaries was up 47.7 points, or 0.74 per cent, to 6,464.4.

Tech shares led gains at midday by advancing 2.31 per cent while the industrial sector added 1.34 per cent.

Afterpay was up 4.26 per cent to $23.27, Appen was up 3.67 per cent to $25.98 and Wisetech was up 3.56 per cent to $24.70.

The heavyweight financial sector also posted strong gains a day after the Reserve Bank of Australia announced a 25 basis points cut to interest rates to 1.25 per cent – an unprecedented low.

ANZ was up 1.15 per cent to $28.08, Commonwealth was up 1.16 per cent to $79.33, NAB was up one per cent to $26.695, and Westpac was up 1.45 per cent to $27.645.

Mining giant BHP was up 0.94 per cent to $37.66, Rio Tinto was up 1.37 per cent to $99.91 and Fortescue Metals was up 2.50 per cent to $8.005.

The only sectors of the ASX in negative territory were property trusts and telecommunications, with falls of 0.57 per cent and 0.69 per cent respectively.

The telcos were dragged down by Vocus Group, which plummeted 19.21 per cent to $3.70 after Swedish private equity firm EQT Infrastructure withdrew its $3.3 billion buy-out offer.

Telstra was down 0.27 per cent to $3.65, Amaysim was down 0.67 per cent to 74.5 cents and TPG was up 0.24 to $6.275.

Wall Street finished higher after the US central bank raised the possibility of a cut in interest rates, with the Dow Jones Industrial Average up 2.06 per cent, the S&P 500 was up 2.14 per cent and the tech-heavy Nasdaq Composite was up 2.65 per cent.

Australian GDP grew by 0.4 per cent in the March quarter and by 1.8 per cent over the last 12 months, according to ABS figures released on Wednesday.

The Aussie dollar is buying 69.99 US cents from 69.79 US cents on Tuesday.