The share market is higher as the energy sector soars, though it has lost some of the value gained in early trade.

After a two per cent fall on Monday, the local market opened more than one per cent higher following a positive session on Wall Street.

It was about 0.6 per cent higher by the early afternoon, as the big banks fell back from their early gains to be modestly higher, and the mining giants remained in negative territory.

A rebound in oil prices contributed to strong gains in the energy sector, with Oil Search up 3.7 per cent, Woodside up 3.5 per cent and Santos up 2.8 per cent.

Coal miner New Hope was six per cent higher after it flagged acquisitions despite posting a $22 million annual loss.

KEY FACTS

* At 1210 AEST on Tuesday, the benchmark S&P/ASX200 index was up 34 points, or 0.67 per cent, at 5,100.2 points.

* The broader All Ordinaries index was up 33 points, or 0.65 per cent, at 5,129.4 points.

* The December share price index futures contract was up 24 points at 5,084 points, with 17,336 contracts traded.

* National turnover was 782 million securities worth $1.6 billion.