Gains were mainly seen among beaten-down energy and mining stocks, which particularly suffered amid a slump on Tuesday.
Key energy shares, including Woodside Petroleum, Santos and Oil Search, were trading between two to three per cent higher, helped by a steadying oil price.
Mining giants BHP Billiton and Rio Tinto were also each trading around two per cent higher, while shares in rival Fortescue Metals were up 3.5 per cent.
Shares in detention centre operator Broadspectrum were up 2.5 per cent after Spanish suitor Ferrovial raised its takeover offer price to $1.50 a share, from $1.35 earlier.
KEY FACTS:
* At 1212 AEST, the benchmark S&P/ASX200 index was up 18.4 points, or 0.37 per cent, at 4,942.8 points.
* The broader All Ordinaries index was up 19.1 points, or 0.38 per cent, at 5,019.5 points.
* The June share price index futures contract was up 17 points at 4,925 points, with 18,412 contracts traded.
* National turnover was 958.09 million securities traded, worth $1.51 billion.
AAP
