SYDNEY, AAP – Australia’s share market has bucked a negative US lead and climbed higher, with the biggest gains in technology and healthcare.

Technology shares were best and rose 2.62 per cent after the Nasdaq was the only of the major US indices to edge higher.

Afterpay climbed 4.04 per cent to $119.43.

Healthcare giant CSL rose 1.37 per cent to $281.06.

The benchmark S&P/ASX200 index was up 39.4 points, or 0.54 per cent, to 7301.2 at 1200 AEST on Wednesday.

The All Ordinaries was higher by 41.8 points, or 0.55 per cent, to 7573.2.

The market so far has rebounded from a loss of 0.73 per cent on Tuesday following a key RBA meeting.

The central bank will begin easing support for the economy by buying less in bonds and will not extend its three-year yield curve control target.

US markets earlier on Wednesday were not helped by data showing the services industry grew at a moderate pace in June, restrained by labor and materials shortages.

China’s regulatory crackdown caused selling of several US-listed Chinese firms, including ride-sharing service Didi.

ASX energy shares were down 2.22 per cent after oil producers cancelled talks about supply.

Differences between Saudi Arabia, the biggest OPEC producer, and the United Arab Emirates were the main reason.

The breakdown of talks initially sent oil prices higher.

However some analysts said major exporters may supply more oil to gain market share.

Oil Search was among the hardest hit. Its shares dropped 3.18 per cent to $3.95.

Domestically, the coronavirus lockdown for Sydney and surrounds has been extended by a week.

Health officials reported 27 new COVID-19 infections across the state.

Travel into and out of Sydney remain restricted.

On the ASX, shares in investment firm Challenger climbed 10.32 per cent to $6.03 after US retirement services provider Athene bought a 15 per cent stake.

Athene is paying $720 million to Caledonia Investments for the stake.

The big four banks were all higher by less than one per cent.

The Commonwealth was faring best and rose 0.69 per cent to $99.31.

The big miners were mixed.

BHP dropped 0.96 per cent to $48.38. Fortescue gained 0.47 per cent to $23.47. Rio Tinto shed 0.13 per cent to $125.24.

Myer shares were steady at 42 cents after Premier Investments late on Tuesday revealed it had increased its stake to 15 per cent.

Premier shares were higher on Wednesday by 0.92 per cent to $27.30.

The Australian dollar was buying 74.93 US cents at 1200 AEST, lower from 75.95 US cents at Tuesday’s close.