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SYDNEY/WELLINGTON, Jan 28 (Reuters) - Australian shares bucked a poor performance by Wall Street to edge 0.6 percent higher on Thursday, aided by a hunt for dividend yield and more merger action.
The S&P/ASX 200 index (xjo) recouped early losses to rise 31 points to 4,977 by the mid session. An overnight bounce in oil prices also provided a little relief to a heavily battered energy sector, which gained 1.8 percent.
Ports and rail giant Asciano (AIO) climbed 3 percent after Qube Holdings Ltd (QUB) made an A$8.9 billion ($6.25 billion) offer for group.
The A$9.17-per-share cash and shares offer beats a A$9.10 offer from Canada's Brookfield Asset Management Inc , which Asciano has already said it supports.
Australia and New Zealand Banking Group (ANZ) was the largest contributor to the increase in the overall index, rising 1.5 percent in the wake of a management shake-up.
Banks have also been in demand for their high dividend yield.
Evan Lucas, a market strategist at IG, noted the ASX as a whole currently offered a yield of 5.27 percent compared with a return on Australian 10-year bonds of 2.67 percent and just 2 percent for U.S. 10-year paper.
"The yield attraction is clearly building, " said Lucas. "I am positive the ASX will hold the 4,850 point level - fundamentals suggest value will overwhelm the bear trade at this point."
New Zealand's benchmark S&P/NZX 50 index (nz50) edged up 0.28 percent to 6,159.37.
Orion Health Group (OHE) was among the biggest gainers, rising 1.33 percent, while A2 Milk (ATM) rose 1.09 percent.
Air New Zealand rose 0.98 percent after announcing it carried 5.8 percent more passengers in December than the same month the previous year.
Genesis Energy (GNE) rose 0.53 percent after announcing its electricity sales volumes had risen in the second quarter.
Shares in Fonterra's (FCG) fund, which provides investor exposure to the farmer-owned dairy exporter, lost 0.3 percent after reducing its 2015/2016 milk forecast.