The share market turned around a negative start to the day to edge higher, as miners, energy producers and several consumer-related stocks rose in value.
The benchmark S&P/ASX200 stock index rose 0.06 per cent to 6,075.6 points, despite the impact of a delay to US corporate tax cuts being passed by US Congress.
Macquarie Private Wealth division director Martin Lakos said the market rebounded from its early lows largely on the back of a materials sector strengthened by commodity prices and global manufacturing growth.
“PMI and manufacturing leading indicators continue to firm around the world, providing some sense that this global momentum is going to continue well and truly into 2018 with more of a synchronised growth outlook, which is clearly good for the cyclical stocks like materials,” Mr Lakos said.
Bluescope Steel added 2.6 per cent to $14.48, Rio Tinto gained 0.9 per cent to $72.97 and gold miner Newcrest was 0.7 per cent higher at $22.21.
Fortescue metals gained 0.2 per cent to $4.91 while late selling pushed BHP Billiton down 0.1 per cent to $28.44.
Energy producers were mixed despite overnight gains in oil prices, with Woodside Petroleum gaining 0.7 per cent to $32.36 and Santos lifting 0.6 per cent to $5.10, while Oil Search slipped 0.3 per cent to $7.46 and Origin Energy was 0.7 per cent weaker at $9.18.
The big banks were also mixed, with National Australia Bank and Westpac dropping 0.5 per cent and 0.3 per cent, respectively, while ANZ rose by 0.1 per cent and Commonwealth Bank was 0.3 per cent stronger.
Shares in Dreamworld owner Ardent Leisure jumped 11.9 per cent per cent to $1.935 after it struck a deal to sell its Australian and New Zealand bowling and entertainment business for $160 million.
Dominos Pizza gained 3.9 per cent to $44.67, Webjet added 3.8 per cent $10.52 and Tabcorp was 2.8 per cent stronger at $5.57.
The Australian dollar edged lower in another subdued day of trade.
ON THE ASX:
* The benchmark S&P/ASX200 was up 3.8 points, or 0.06 per cent, at 6,075.6 points.
* The broader All Ordinaries index was up 4.7 points, or 0.08 per cent, at 6,167.9 points
* The SPI200 futures contract was up two points, or 0.03 per cent, at 6,079 points
* National turnover was 3.6 billion securities traded worth $6.2 billion
CURRENCY SNAPSHOT AT 1700 AEDT:
One Australian dollar buys:
* 76.61 US cents, from 76.67 US cents on Tuesday
* 86.54 Japanese yen, from 86.33 yen
* 64.67 euro cents, from 65.02 euro cents
* 57.21 British pence, from 57.30 pence
* 110.08 NZ cents, from 109.52 NZ cents
The spot price of gold in Sydney at 1700 AEDT was $US1,263.37 per fine ounce, from $US1,263.51 per fine ounce on Tuesday.
BOND SNAPSHOT AT 1630 AEDT:
* CGS 4.50 per cent April 2020, 2.0293pct, from 2.0075pct on Tuesday
* CGS 4.75pct April 2027, 2.6092pct, from 2.5541pct
Sydney Futures Exchange prices:
* March 2018 10-year bond futures contract at 97.335 (implying a yield of 2.665pct), from 97.395 (2.605pct) on Tuesday
* March 2018 3-year bond futures contract at 97.845 (2.155pct), from 97.875 (2.125pct).
(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)