The S&P/ASX 200 index rose 0.2 per cent, or 9.2 points, to 6,107, adding to gains of 0.6 per cent on Tuesday.
Westpac Banking's 0.7 per cent rise followed.
Whitehaven Coal was the best performer on the benchmark, surging 7 per cent.
On the ASX All Ordinaries index, department store chain Myer Holdings was among top two per centage gainers, up 16 per cent, despite posting a fall in third-quarter sales.
Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities, said considering expectations from Myer were low, its assets and value of business along with the recent cold weather in Sydney supported the stock.
Shares of a2 Milk Company, listed on both Australia and New Zealand stock exchanges, were the biggest drags on both benchmark indexes, diving as much as 20 per cent before closing 13.7 per cent lower in New Zealand.
The company's revenue forecast for the year of more than a 63 per cent rise failed to meet bullish investor expectations.
Synlait Milk Ltd, which has infant formula supply agreements with a2 Milk, closed 4.2 per cent lower.
New Zealand's benchmark S&P/NZX 50 index closed 1.8 per cent or 153.27 points lower at 8,555.51, in its biggest one-day drop since February.