The S&P/ASX200 hit a new intraday record of 9,118.3 on Thursday, before ending the session 79.2 points higher, up 0.88 per cent, to 9,086.2.
The broader All Ordinaries gained 77.9 points, or 0.84 per cent, to 9,316.6, but only came within 74 points of its highest-ever value, as earnings season continues to favour the large caps.
Despite some very red patches on the market map, Thursday's market impulse was positive overall, Moomoo market strategist Michael McCarthy said.
"We're seeing very good support for metals and mining, and there does seem to be a dawning realisation that supply is constrained across the commodity space and demand has been underestimated," Mr McCarthy told AAP.
"And, that ongoing growth in demand for energy in particular, but also industrial metals and concerns that have seen investors fly into precious metals, means commodities could be the area of focus for at least the first half of this year."
Seven of 11 local sectors ended the day higher, while real estate trusts and consumer discretionary stocks sold off, the latter led by a 5.6 per cent slump in Wesfarmers after its sales growth failed to impress.
The heavyweight financials sector advanced 1.4 per cent, as three of the big four banks notched gains above two per cent, while CommBank grew a modest 0.7 per cent to $178.19 after spiking to six-month highs during the session.
Elsewhere in the segment, Medibank Private underperformed, tumbling 5.6 per cent to $4.52 after its half-year profit slumped 11 per cent to $302.9 million.
Buy-now, pay-later provider and former market darling Zip Co had roughly a third of its market value wiped, after bad debts and margin pressures in the first half dragged its revenues below consensus estimates.
In basic materials, large caps and gold miners were strong, with BHP and Fortescue edging higher, while Rio Tinto jumped two per cent ahead of its after-market full-year results release, which boasted a $10 billion net profit.
Energy outperformed the broader market with a 3.8 per cent charge, with Woodside and Santos each up more than four per cent as oil prices spiked overnight on tensions between the US and Iran, and failed peace talks between Russia and Ukraine.
Coal miners were broadly higher, except Whitehaven, which tumbled almost five per cent to $8.03 after lower coal prices contributed to a $19 million loss in the first half.
Uranium stocks caught bids, with Paladin and Deep Yellow each up more than five per cent.
A post-earnings rally in Telstra shares helped lift the communications sector more than two per cent, after Australia's most widely held company beat expectations with a $1.1 billion net profit in the six months to December.
Real estate trusts suffered the broadest losses, the segment giving up 2.5 per cent of its value despite decent earnings updates from Goodman Group and Charter Hall.
The Australian dollar is buying 70.54 US cents, down from 70.69 US cents on Wednesday at 5pm, despite lower-than-expected January unemployment figures increasing the odds of a Reserve Bank interest rate hike in March.
Rates markets put the chances of a March hike at roughly one in six, while there is a 74 per cent likelihood of a hike by May, and two more increases priced-in by the end of 2026.
ON THE ASX:
* The S&P/ASX200 rose 79.2 points, or 0.88 per cent, to 9,086.2
* The broader All Ordinaries gained 77.9 points, or 0.84 per cent, to 9,316.6
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 70.54 US cents, from 70.69 US cents at 5pm AEDT on Wednesday
* 109.54 Japanese yen, from 108.5 Japanese yen
* 59.82 euro cents, from 59.68 euro cents
* 52.23 British pence, from 52.14 Â British pence
* 119.15 NZ cents, from 117.84 NZ cents
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