The Australian shares have risen three-quarters of one per cent after resource stocks had a positive turnaround from a sluggish opening.

At 1201 on Tuesday, the benchmark S&P/ASX200 index was up 33.5 points, or 0.82 per cent, at 4,138.6, while the broader All Ordinaries index was up 30.4 points, or 0.73 per cent, at 4,173.6.

On the ASX 24, the September share price index futures contract was 33 points higher at 4,105, with 16,749 contracts traded.

IG Markets analyst Cameron Peacock said the sudden market turnaround just before noon, led by the resources sector, seemed to have no obvious cause.

“Our market is trying to work out what it wants to do today,” he said.

“There’s not a lot of rhyme or reason behind it.

“We’ve had a notable turnaround in the resources sector. It was down 0.2 per cent earlier and now it’s up 0.3 per cent.”

In economic news on Tuesday, the Reserve Bank of Australia’s (RBA) minutes from its July board meeting show that recent interest rate cuts and signs of an improving economy were behind its decision to keep the cash rate at 3.5 per cent.

Meanwhile, Australian Bureau of Statistics data released on Tuesday show imports of goods fell $336 million, or two per cent, to $21.675 billion, seasonally-adjusted, in June,

Other ABS data, also released on Tuesday, show that sales of new motor vehicles in Australia fell 0.6 per cent (seasonally adjusted) in June.

On the local market, the mining giants were mixed.

BHP Billiton was down two cents at $30.75, and Fortescue was down one cent at $4.63 but Rio Tinto was up 44 cents at $54.93.

Telstra gained three cents after a large line of the telco’s shares were placed on the market on Monday night.

At 1032 AEST, Telstra shares were up one cent at $3.84.

The four major banks were all higher at noon.

Westpac was up 31 cents at $22.47, ANZ was 37 cents higher at $22.85, National Australia Bank gained 18 cents to $23.68 and Commonwealth Bank was up 91 cents at $54.97.

National turnover was 463 million securities worth $1.229 billion, with 367 stocks up, 284 down and 291 unchanged.