At noon AEST on Wednesday, the benchmark S&P/ASX200 index was up 10.1 points, or 0.13 per cent, to 7,803.4, while the broader All Ordinaries was up 9.8 points, or 0.12 per cent, to 8075.3.
Oil and gas company Santos gained 1.6 per cent and fellow fuel producer Yancoal added 2.2 per cent after the European Union proposed a new package of sanctions on Russian LNG projects.
The big four banks were mixed, with ANZ rising 0.9 per cent and CBA adding 0.1 per cent, while Westpac dropped 0.7 per cent and NAB fell 1.3 per cent.
Perpetual was down 7.5 per cent to $22.24 after the asset manager agreed to sell off its wealth management and corporate trust business to Kravis Roberts & Co for $2.2 billion.
The divestment would leave Perpetual as a pure-play global asset manager, which chairman Tony D'Alosio indicated would make the firm easier for the market to value.
"As a standalone business, it will be leaner, more agile and fully focused on enabling our highly respected investment professionals to continue to deliver strong returns to clients, whilst presenting long-term growth opportunities for our shareholders," said chief executive and managing director Rob Adams, who plans to retire after the deal is completed.
KKR will take ownership of the Perpetual brand as part of the transaction, with Perpetual Group rebranding to a new name by the end of 2025.
The heavyweight mining sector slipped marginally, with BHP dropping 0.31 per cent, Rio Tinto falling 0.9 per cent and Fortescue dipping 0.1 per cent.
The Australian dollar was buying 65.72 US cents, from 65.91 at Tuesday's ASX close.
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