The Australian share market has opened around one per cent higher after an easing of fears about Chinese stocks sparked a rebound on overseas markets.

Shanghai staged a comeback on Tuesday after collapsing more than eight per cent on Monday, while Wall Street snapped a five-day losing streak overnight, finishing more than one per cent higher.

Macquarie Private Wealth division director Lucinda Chan said the resources sector was leading the charge on the domestic market, but it was a case of wait-and-see on China.

“The big miners are having a nice run this morning, but the rest of the market is still a little bit light,” she said.

“What’s been happening in China has been disappointing of late and the volatility has seen people get a little bit nervous, so let’s hope we get some good feedback.”

Among the miners, Rio Tinto was 16 cents stronger at $51.44, BHP Billiton had grown 37 cents to $25.74, and Fortescue had raised 5.5 cents to $1.805.

There were also gains across the banking sector, with Commonwealth gaining 99 cents to $87.34, ANZ up by 28 cents to $32.50 and Westpac 31 cents higher at $34.52.

National Australia Bank was 63 cents higher at $34.49 after the news the company had fully sold down its remaining stake in former US subsidiary Great Western Bancorp.

Elsewhere, Virgin Australia rose half a cent to 45 cents after flagging it was on track to post a $93.8 million full year loss, a turnaround from its $355.6 million loss in 2013/14.

KEY FACTS

* At 1015 AEST on Wednesday, the benchmark S&P/ASX200 index was up 52.3 points, or 0.94 per cent, at 5,637 points.

* The broader All Ordinaries index was up 49.5 points, or 0.89 per cent, at 5,620.5 points.

* The September share price index futures contract was up 35 points at 5,577 points, with 6,866 contracts traded.

* At 1049 AEST national turnover was 420.4 million securities worth $942 million.