SYDNEY — Shares of Viva Energy Group Ltd. rose more than 3% on Wednesday, recovering part of a recent slide as investors balanced strong refining margins at its Geelong refinery against volatile oil prices and lingering damage from a fire earlier this year.

Viva shares gained 9 cents, or 3.33%, to A$2.79 in afternoon trade, closing in on the session high. Nearly 3 million shares changed hands, the heaviest volume among the market's leading gainers, and the stock is up about 54% over the past year.

The rebound came on a weak day for the broader market. The S&P/ASX 200 fell 0.71% to 8,823.40 shortly after the open, though energy was among the few sectors trading higher, gaining 0.6%.

The gain followed a difficult stretch. Viva shares were trading at A$2.75 on Tuesday morning, down 4.8%. The stock had traded at A$3.17 in mid-October after pushing to its strongest level in years following a record interim result.

Oil markets have been volatile. Prices were choppy on Wednesday after sliding to a four-week low in the previous session as investors weighed........

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