The S&P/ASX200 grinded 10.6 points higher, or 0.13 per cent, to 8,279.6 on Wednesday as the broader All Ordinaries rose 9.5 points, or 0.11 per cent, to 8,520.2.
The top 200's "dull" session fell within its tightest daily range since September 2024, IG Markets analyst Tony Sycamore said.
"The price action supports our view that after its rebound from the April low to within 3.5 per cent of its record high, a lot of 'less-bad' news is now priced in, and up against a cloud of continued tariff uncertainty," he said.
Despite the meagre gains, both indices have posted six straight sessions of gains and are trading at 11-week highs
Energy stocks outperformed the broader market, up almost two per cent as lower US inventories and sanctions on Iranian oil customers pushed crude prices higher.
Brent futures are trading at $US65.98, up more than eight per cent since the same time last week and supported by easing trade tensions between top oil consumers China and the United States.
Six of 11 local sectors closed in the green, with IT stocks up 0.8 per cent and the second-best performer, while utilities (-1.6 per cent) and consumer discretionary stocks (-1.4 per cent) led the day's losses.
Pokie giant Aristocrat Leisure weighed on the consumer discretionary sector as it tanked almost nine per cent after its first-half profits cratered by more than a fifth.
Banks were a mixed bag, with CBA lifting 0.8 per cent to $167.50 after posting quarterly earnings in line with expectations.
NAB was the best of the big four, up 1.4 per cent to $36.10. ANZ traded flat and Westpac lost 1.2 per cent.
Macquarie was in the headlines for all the wrong reasons, shedding 1.6 per cent after the corporate watchdog sued the investment giant over millions of alleged misreported short-selling transactions.
Life360 extended gains after its earnings beat expectations on Tuesday, rising 9.5 per cent to $29.75 as Morgan Stanley boosted its sales guidance for the family and pet-tracking technology.
Insignia Financial was the worst performer of the top 200, down 15.8 per cent after its funds under management fell by $5 billion dollars to $321.8 billion.
The Australian dollar is buying 64.74 US cents, up from 64.13 US cents, as the greenback sold off after weaker-than-expected US inflation figures overnight.
The Australian Bureau of Statistics will release April's labour force data on Thursday and economists have widely tipped a steady unemployment rate of 4.1 per cent.
Along with today's slightly higher-than-expected wage price figures, the unemployment print is not expected to stand in the way of a 25 basis point interest rate cut at the Reserve Bank's meeting on Tuesday.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday 10.6 points higher, up 0.13 per cent to 8,279.6
* The broader All Ordinaries gained 9.5 points, or 0.11 per cent, to 8,520.2
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 95.29 US cents, from 64.13 US cents on Tuesday at 5pm
* 95.301 Japanese yen, from 94.88 Japanese yen
* 57.87 Euro cents, from 57.72 Euro cents
* 48.68 British pence, from 48.59 pence
* 109.07 NZ cents, from 108.80 NZ cents
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