The local share market is up one per cent and climbing as investors, buoyed by a positive Wall Street session, seek value.

The bounce marks the first day of positive trading in 2016 following six straight sessions of losses in the new year.

Leading the gains are the telcos, financials and banks with Westpac and Commonwealth Bank ahead by almost two per cent.

Telstra has regained 1.8 per cent, while TPG is among the best performing on the market with a 4.5 per cent boost.

However the oil producers continue to hurt off commodity falls, with Santos tumbling more than four per cent and Oil Search down two per cent.

The miners are also in negative territory, with BHP Billiton off 0.7 per cent, and Rio Tinto down 1.65 per cent.

KEY FACTS:

* At 1204 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 50.7 points, or 1.03 per cent, at 4,982.9 points.

* The broader All Ordinaries index was up 48.4 points, or 0.97 per cent, at 5,039.1 points.

* The March share price index futures contract was up 66 points at 4,932 points, with 20,257 contracts traded.

* At 1216 AEDT, national turnover was 826.4 million securities traded worth $1.6 billion.