Geopolitical uncertainty on global markets was again the dominant factor on Australia's bourse, which edged inside positive territory on continued strength among oil and energy stocks.
The local market oscillated in and out of positive territory on Wednesday but the benchmark S&P/ASX200 index was nine points, or 0.19 per cent, higher at 4652.4 points by 1615 AEDT.
The broader All Ordinaries index firmed 8.8 points, or 0.19 per cent, to 4746.5 points.
On the ASX24, the June share price index futures contract was four points lower at 4,672 points, with 27,023 contracts traded.
Richard Herring, Director of equities and head of trading at Burrell Stockbroking, said offshore market leads were inconclusive and had helped to produce a mixed bag of results on the local bourse.
"It's a good, solid day without being ridiculously high," he said, adding that trading volumes were very light.
National turnover was 2.8 billion securities worth $4.4 billion, with 544 stocks up, 549 down and 391 unchanged.
IG Markets' Ben Potter said geopolitical uncertainty over tensions in the Middle East, Africa and fallout from quake-ridden Japan weighed on investor sentiment across Asia's markets.
Renewed interest in oil stocks pushed local oil majors higher again on Wednesday, Mr Herring said.
Santos led the sector, gaining 31 cents, or 2.08 per cent, to $15.21, while rival Oil Search added six cents, or 0.86 per cent to $7.01 and Woodside climbed 33 cents, or 0.74 per cent, to $44.98.
Oil continued trading around $US103 per barrel in offshore markets overnight, Mr Herring said.
But elsewhere the picture was mixed and lacklustre in some sectors, with market heavyweights BHP Billiton and Rio Tinto finishing steady at $44.20 and up 13 cents to $80.68 respectively.
The spot price of gold in Sydney was at $US1,427.3 per fine ounce by 1625 AEDT, up $US1.81 from Tuesday's local close of $US1,429.11 per fine ounce.
Gold miner Newcrest firmed five cents to $37.07.
Commonwealth Bank led the big four banks higher, gaining 39 cents, or 0.77 per cent, to $51.33, while regional banks lost around 0.2 per cent.
The spotlight fell on Virgin Blue Holdings when the airline issued its fourth earnings downgrade in 12 months, telling the market to expect a before tax loss for 2010/11 in a range between $30 million to $80 million.
"It's an extraordinary range to issue to the market, so obviously their hedge book may be of some concern to them," Mr Herring said.
The airline's share price nosedived by two cents, or 6.06 per cent, to 31 cents - near a seven-month low - on turnover of over 17 million shares.
Rival Qantas Airways finished steady at $2.09.
Shares in department store owner David Jones surged 10 cents, or 2.22 per cent, to $4.60 after the company maintained its earnings guidance and reported an improvement in first half net profit on flat revenues.
Foster's Group added one cent to $5.52 after announcing it stopped beer shipments to Coles and Woolworths for a few days this month because the two major retailers had resorted to selling the product at below cost.
Shares in Woolworths lost seven cents to $25.80, while Wesfarmers - owner of Coles - fell eight cents to $31.07.
