The S&P/ASX200 rose 10.3 points on Thursday, up 0.12 per cent to 8,640.7, as the broader All Ordinaries edged four points higher, or 0.05 per cent, to 8,884.7.
The exchange has lost ground on 16 of the past 21 trading days, with the Persian Gulf energy shock, higher local interest rates and a series of disappointing earnings results from major Australian companies weighing on investor sentiment.
"We just got a pretty lifeless day, to be honest," Pepperstone head of research Chris Weston told AAP.
"We're waiting for something to happen, and we've got a market that is really unsure about more interest rates."
After three Reserve Bank interest rate hikes in 2026 nullified the previous year's cuts, markets are leaning towards another increase by August.
"The debate is one or two (more) rate hikes this year," Mr Weston said.
"And if we don't get any more hikes at all, it's because the RBA are more concerned about a slowdown in consumption, and that's hardly good for earnings either."
A rebound in CommBank shares (after Wednesday's post-earnings wipeout of almost $30 billion) helped lift the financials sector, while ANZ and Westpac also improved.
Investment giant Macquarie Group has bucked the disappointing trend for banks this reporting period, gaining more than 15 per cent since its full-year $4.8 billion profit - up 30 per cent on the year before - blew away expectations at the start of April.
Continued strength in mega miners BHP, Rio Tinto and Fortescue - on the back of base metal strength and renewed confidence in China's outlook - helped cap losses in the basic materials sector.
After the close, Rio Tinto announced BP deputy general counsel Trudi Charles as its new chief legal officer
Gold miners lost some of their shine as the precious metal dipped below $US4,695 ($A6,466) an ounce, while battery minerals producers and rare earths miners also slipped.
Supermarket giant Coles weighed on the consumer staples sector, dropping 2.2 per cent after the Federal Court found its "Down Down" discount campaign had misled consumers in all but one sample product.
The consumer watchdog's blockbuster joint action against the two big supermarket companies will wrap when the court rules on Woolworths' "Prices Down" campaign at a later date.
IT stocks also had a rough day, tumbling as accounting software provider Xero's value crumbled by nine per cent after its US expansion weighed on its profit result, while WiseTech, Technology One and Life360 also dragged.Â
The beaten-down health care sector continued to sell off, recording its lowest close since September 2017 in a broad segment sell-off.
In company news, bourse operator ASX improved by 2.1 per cent after naming Euronext executive Anthony Attia as its next chief executive and managing director, to replace Helen Lofthouse later in the year.
The Australian dollar is buying 72.61 US cents, up from 72.36 US cents on Wednesday at 5pm.
ON THE ASX:
* The S&P/ASX200 rose 10.3 points, or 0.12 per cent, to 8,640.7
* The broader All Ordinaries gained four points, or 0.05 per cent, to 8,884.7
One Australian dollar trades for:
* 72.61 US cents, from 72.36 US cents at 5pm AEST on Wednesday
* 114.61 Japanese yen, from 114.16 Japanese yen
* 61.96 euro cents, from 61.74 euro cents
* 53.68 British pence, from 53.48 British pence
* 122.24 NZ cents, from 121.86 NZ cents
