The share market has been boosted by a lift in iron ore and crude oil prices and continued expectation of lower interest rates.

The market had put aside a weak lead from Wall Street and investors were focusing on the outlook for Australian interest rates and an overnight bounce in the iron ore price, HC Securities senior private client adviser Mark Lennox said.

“I guess the target for Australian interest rates is going to be low if the currency doesn’t trade lower over the course of the next month,” Mr Lennox said.

“And iron ore was up two-and-a-half per cent last night.”

The Reserve Bank disappointed investors on Tuesday by keeping its cash rate unchanged, though it has also maintained an easing bias.

The big miners were the main beneficiaries of the rebound in iron ore prices, to around $US48 per tonne.

BHP Billiton had added 29 cents to $30.74, Rio Tinto was up $1.08 at $57.23 and Fortescue Metals was 10 cents stronger at $1.895.

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 Petroleum was up 69 cents at $35.06, Santos had put on 22.5 cents at $7.325 and Oil Search was 34.5 cents higher at $7.575.

Three of the big banks were weaker, with Commonwealth Bank down 24 cents at $93.97, ANZ down 17 cents at $36.73 and Westpac four cents weaker at $39.62, while National Australia Bank was up five cents at $39.38.

Myer was up 4.5 cents, or 3.4 per cent, at $1.355 on rumours that billionaire Solomon Lew and private equity groups are considering a takeover move on the troubled department store.

KEY FACTS

* At 1205 AEST on Wednesday, the benchmark S&P/ASX200 index was up 22.2 points, or 0.37 per cent, at 5,948.2 points.

* The broader All Ordinaries index was up 21.9 points, or 0.39 per cent, at 5,915.1 points.

* The June share price index futures contract was up 20 points at 5,946 points, with 12,603 contracts traded.

* National turnover was 570 million securities worth $1.4 billion.