The share market has recovered from a midday slump to post a third straight gain, driven by a sustained rally among energy companies.

The market opened higher as the energy sector was boosted by oil prices hitting a one month high, but weakness in the banking sector pulled it into negative territory in late morning and early afternoon trade.

The banks later recovered after the Bank of Japan said that country’s economy was continuing a moderate recovery, and held off on further stimulus measures.

Combined with strong gains by energy companies and higher prices for the mining giants, the market gained 0.6 per cent.

“The ASX energy sub-sector has put on a further six per cent today, taking the gains on the last five days to 12 per cent,” IG chief markets strategist Chris Weston said.

“Keep in mind the energy sector is still down 21 per cent for the year.”

Santos added 54 cents, or 11.9 per cent, to $5.07, Woodside Petroleum gained $1.81, or six per cent, to $32.10 and Oil Search rose 35 cents, or 4.8 per cent, to $7.70.

Rio Tinto put on $1.66 to $52.18, BHP Billiton added 38 cents to $24.26 and Fortescue Metals was 12.5 cents stronger at $2.10.

ANZ lifted 24 cents to $27.72, NAB gained 27 cents to $31.19, Westpac added 16 cents to $30.52 and Commonwealth edged four cents higher to $75.00.

KEY FACTS

* At the close on Wednesday, the benchmark S&P/ASX200 index was up 30.5 points, or 0.59 per cent, at 5,197.9 points.

* The broader All Ordinaries index was up 29.4 points, or 0.57 per cent, at 5,228.4 points.

* The December share price index futures contract was up 21 points at 5,190 points, with 29,981 contracts traded.

* The price of gold in Sydney at 1700 AEDT was $US1,150.54 per fine ounce, up $US13.86 on Tuesday’s price of $US1,136.68.

* National turnover was 1.9 billion securities worth $5.4 billion.