The share market has been boosted by stronger iron ore and crude oil prices.

Stocks in iron ore producers performed well as the price of the steel making commodity rose from its recent ten year low, while two of the major banks fell, IG Market analyst Evan Lucas said.

“The part of the market that’s taken the biggest battering over the last month and a bit is certainly in vogue after yesterday’s rate decision suggested the yield trade is starting to plateau,” he said.

“That’s seen a direct change, with the banks off and mining and energy up.”

The Reserve Bank disappointed investors when it kept the cash rate unchanged for April, though it has also maintained an easing bias.

BHP Billiton added 29 cents to $30.74, Rio Tinto gained 85 cents to $57.00 and Fortescue Metals enjoyed its strongest session in two months, lifting 14.5 cents to $1.94.

Energy stocks were boosted by a rebound in crude oil prices to $US53.98 a barrel in New York, the highest level for 2015 so far.

Woodside added 70 cents to $35.07, Santos rose 31 cents to $7.41 and Oil Search closed 41 cents stronger at $7.64.

The big banks were mixed, with Commonwealth Bank down 21 cents at $94.00 and ANZ down 11 cents to $36.79, while Westpac added 10 cents to $39.76 and National Australia Bank gained 12 cents to $39.45.

Myer added 11.5 cents, or 8.8 per cent, to $1.42 on rumours that billionaire Solomon Lew and private equity groups are considering a takeover move on the troubled department store.

KEY FACTS

* At 1615 AEST on Wednesday, the benchmark S&P/ASX200 index was up 34.7 points, or 0.59 per cent, at 5,960.7.

* The broader All Ordinaries index was up 35.1 points, or 0.6 per cent, at 5,928.3.

* The June share price index futures contract was up 36 points at 5,962, with 20,094 contracts traded.

* National turnover was 1.55 billion securities worth $4.7 billion.