The share market has posted its longest winning run in two years, with miners and energy stocks driving a tenth straight day of gains.

BHP Billiton and Fortescue Metals were among the best performers, due to higher commodity prices.

The market gained 1.2 per cent, after a rise of 1.4 per cent on Tuesday sparked by the Reserve Bank’s rate cut.

Shares had been even higher in early trade on Wednesday.

“The main reason for that retreat is the yields stocks from the big banks and Telstra are down from this morning,” CMC Markets Chief market analyst Ric Spooner said.

“A key reason is a significant increase in Australian bond yields, which created a little bit of doubt.”

Oil stocks also slipped away from earlier highs fuelled by further rises in oil prices.

“After the steep rise in oil futures in recent days, investors are getting a little bit cautious about whether it will continue,” Mr Spooner said.

Santos gained 15 cents to $8.36, Oil Search was up 14 cents at $8.47 and Woodside Petroleum was 18 cents higher at $35.87.

Among the miners, BHP added $1.34, or 4.4 per cent, to $31.99, Rio Tinto gained $2.15, or 3.7 per cent, to $60.73 and Fortescue Metals was 21 cents higher, up 8.9 per cent, at $2.58.

The banks also rose, with Commonwealth Bank up 39 cents at another record high of $90.79, National Australia Bank added 27 cents to $36.50, ANZ rose 51 cents to $34.62 and Westpac was 97 cents higher at $36.23.

Telstra shed seven cents to $6.60.

KEY FACTS

* At the close on Wednesday, the benchmark S&P/ASX200 index was up 69.9 points, or 1.22 per cent, at 5,777.3.

* The broader All Ordinaries index was up 67.5 points, or 1.19 per cent, at 5,733.7.

* The March share price index futures contract was 83 points higher at 5,726 with 39,689 contracts traded.

* The price of gold in Sydney at 1700 AEDT was $US1,262.72 per fine ounce, down $US13.71 cents from $US1,276.43 on Tuesday.

* National turnover was 2.2 billion securities worth $7.4 billion.