The Australian market has bounced back up to flat as energy stocks strike up a recovery.

Gains in oil and iron ore players drove the bourse back up despite an early slump from falls in commodity prices.

Santos steamed ahead, improving by three per cent, while Oil Search and Woodside were also up more than one per cent.

BHP Billiton also pared back its morning falls to be up slightly at midday but rival Rio Tinto continued to shed its value.

The Commonwealth Bank sped ahead but was the only big bank in the green, up nearly half a per cent.

KEY FACTS

* At 1209 AEDT on Wednesday, the benchmark S&P/ASX200 index was down one point, or 0.02 per cent, at 5,107.6 points.

* The broader All Ordinaries index was down two points, or 0.04 per cent, at 5,156 points.

* The December share price index futures contract was flat at 5,109 points, with 17,606 contracts traded.

* At 1219 AEDT, national turnover was 870.5 million securities worth $2 billion.