The S&P/ASX200 rose 24 points on Wednesday, up 0.28 per cent, to 8,696.5, as the broader All Ordinaries gained 25.2 points, or 0.28 per cent, to 8,874.5.
After cautious morning trade and several sessions of de-risking ahead of a key US interest rate decision, the greenback eased as US bond yields backed off from from multi-year highs, supporting recently under-pressure copper and gold prices.
BHP notched its first positive session in a week to reclaim the $60 per share level, while the local gold sub-index rebounded 1.4 per cent as the precious metal firmed to $US4,327 ($A6,067) an ounce.
The energy sector soared 2.2 per cent as Brent crude hovered above $US108 a barrel, easing slightly after US inventories surprised to the upside, however the cancellation of some Saudi oil exports to Europe kept supply concerns elevated.
Shares in Woodside and Santos jumped more than two per cent, while refinery operators Ampol and Viva surged 2.5 per cent and 3.3 per cent respectively, with no end in sight to the broadening Middle East conflict.
"This is not yet 'crisis' territory," AMP deputy chief economist Diana Mousina said.
"But the longer that oil shipping is impacted then the more that existing inventories are drawn down which increases the risk that oil prices move towards $150/barrel, which would cause a further hit to growth and higher inflation."
The heavily weighted financials sector slipped 0.4 per cent lower, with Westpac the only big four bank to end the session higher.
CommBank shares weighed on the segment, losing 0.6 per cent to $151.54, while IAG, Suncorp and Medibank also dragged.
A gloomy economic outlook continued to weigh on consumer discretionary stocks and real estate trusts, and AMP economists tip annualised GDP to ease to 1.5 per cent in mid-2027 from 2.1 per cent in June this year.
"The concern is that the Australian consumer is starting to buckle more under the weight of the growing negatives of: rising interest rates, elevated inflation eroding purchasing power, falling home prices, disillusion with government, which is why consumer sentiment is still around recession-like lows., Ms Mousina said.
In company news, private equity giant Brookfield Asset Management has agreed to buy Australian plumbing products group Reliance Worldwide in a $2.8 billion ($A3.9 billion) deal that would take the target private.
Infratil shares jumped 3.6 per cent after lifting its 2027 financial year earnings guidance to up to $750 million, with data centre investments now accounting for more than half its total assets.
The Australian dollar is buying 71.31 US cents, up from 71.19 US cents on Tuesday at 5pm.
ON THE ASX:
* The S&P/ASX200 gained 24 points, or 0.28 per cent, to 8,696.5
* The broader All Ordinaries rose 25.2 points, or 0.28 per cent, to 8,874.5
One Australian dollar trades for:
* 71.31 US cents, from 71.19 US cents at 5pm AEST on Tuesday
* 110.52 Japanese yen, from 110.29 Japanese yen
* 61.75 euro cents, from 61.71 euro cents
* 52.90 British pence, from 52.85 pence
* 123.88 NZ cents, from 123.65 NZ cents
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