The Australian share market is slightly higher after a strong rally on expectations of a Greek debt deal.

The market is consolidating after strong gains on Tuesday on the back of optimism Greece and its creditors will strike a bailout deal, optionsXpress market analyst Ben Le Brun said.

“I think it was never going to be a shoot the lights out performance today given offshore markets were flat overnight,” he said.

“But there is still optimism that a Greek debt deal is pending, however the majority of the gains came yesterday.

“Some of the most heavily weighted stocks, the banks and some of the major material stocks, are higher which is lifting the market.”

At 1200 AEST, Commonwealth Bank gained 47 cents to $87.23, National Australia Bank added 24 cents to $34.64, ANZ rose 32 cents to $33.75, and Westpac was up 10 cents at $33.80.

The miners were mixed following falls in the iron ore price but rises in copper overnight.

BHP Billiton was up nine cents at $28.70, Rio Tinto was down 43 cents at $55.91, while Fortescue Metals rose three cents to $2.21.

Labour hire business Skilled Group’s share price has jumped more than 11 per cent, or 18 cents, after it agreed to a $652 million takeover from rival Programmed Maintenance Services.

Programmed’s share price was seven cents, or 2.5 per cent, higher at $2.87.

Troubled department store retailer Myer was among the better performers with its share price rising more than two per cent, or 2.75 cents, to $1.37 after it refinanced its $600 million debt arrangements.

KEY FACTS

* At 1200 AEST on Wednesday, the benchmark S&P/ASX200 index was up 11.5 points, or 0.20 per cent, at 5,695.8 points.

* The broader All Ordinaries index was up 11 points, or 0.19 per cent, at 5,682.4 points.

* The September share price index futures contract was 19 points higher at 5,642 points, with 10,761 contracts traded.

* National turnover was 660 million securities worth $1.37 billion.