The tantalising power of low interest rates has boosted global share markets, with the ASX recovering nearly all the losses in the wake of Britain's historic Brexit vote.

The benchmark S&P/ASX 200 Index climbed within three points of last Thursday's, pre-referendum close, before selling in the big banks trimmed gains to 24 points, or 0.5 per cent, to 5257 around midday.

The sun is rising on buoyant share markets. Credit:Joe Armao

Miners are buoying the sharemarket, with BHP Billiton climbing 3.3 per cent amid swirling rumours that the company may be interested in making another pitch for Canada's Potash Corp.

Rio Tinto has climbed 2.5 per cent and Fortescue 2.4 per cent after iron ore jumped again on Thursday night, by 3.3 per cent to $US55.66 a tonne.