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Australia's share market has notched its first positive close for the week, buoyed by the materials sector and a rebound in retail stocks.

The S&P/ASX200 gained 22.2 points on Thursday, up 0.25 per cent, to 8,969.8, as the broader All Ordinaries rose 31.8 points, or 0.34 per cent, to 9,276.6.

Despite fresh records overnight on Wall Street and indices like the Nikkei and South Korea's KOSPI, the local bourse is still struggling to find new highs, the path forward further clouded by the ongoing US government shutdown.

"We're kind of flying blind a little bit into the next Fed meeting right now," Capital.com senior market analyst Kyle Rodda told AAP.

In absence of key macroeconomic data, the best performing segments in global markets had been centred on narratives in big tech, artificial intelligence and AI infrastructure, he said.

"Financials, consumer discretionaries and kind of real economy stocks aren't doing quite as well."

Seven of 11 sectors ended the day higher, but raw materials stocks were a cut above the rest, rallying 1.8 per cent on the back of strong performances in copper and rare earths producers.

Supply disruptions have sparked a rally in copper prices while China, the world's biggest rare earths producer, has announced further restrictions on exports and equipment.

ASX-listed gold miners made some modest improvements after the precious metal was quickly bought up after it eased from an all-time high of $US4,059 ($A6,144) an ounce.

Gold producers have been slightly disconnected from the underlying commodity's velocity this week as investors weigh the sustainability of its record-smashing run.

"There seems to be mania out there, to be perfectly frank," Mr Rodda said.

The heavyweight financials sector slumped 0.5 per cent, as three of the four big banks grinded lower.

NAB and Commonwealth bank each lost more than 1.2 per cent each, CBA shares now trading roughly 15 per cent short of June's $192 record.

The consumer staples sector posted its first gain in six sessions, tracking with Coles and Woolies for a 0.7 per cent lift, but the segment remains in correction territory (down 10 per cent) compared to its 2025 peak reached in August.

Energy stocks were sluggish, up less than 0.1 per cent as oil prices recovered late in the session after dipping on news of a Gaza peace deal.

Coal miners Yancoal and Whitehaven each rose more than one per cent, while uranium plays were mixed as Paladin gained 1.1 per cent, but Deep Yellow and Silex Systems fell behind.

With a lack of US data to drive global markets, local investors are counting down towards key inflation figures at the end of October for hints at the Reserve Bank's next interest rates decision, Betashares chief economist David Bassanese said.

"It's really going to dictate whether the RBA can not only cut rates in November, but whether they can cut rates at all, or if we are done with the rate cut cycle," he told AAP.

"I think we're not, but that's what the markets are debating at the moment."

The Australian dollar is stronger against the greenback, fetching 66.03 US cents, compared to 65.65 US cents on Wednesday at 5pm.

ON THE ASX:

The S&P/ASX200 gained 22.2 points, or 0.25 per cent, to 8,969.8

The broader All Ordinaries rose 31.8 points, or 0.34 per cent, to 9,276.6

The NZX 50 added 2.38 points (0.02%) to 13,570.86 while the Nikkei gained 845.45 points (1.74%) at the time of writing, to be closed at 48,580.44

Companies Holding Annual General Meeting (ASX 300):

REA Group Ltd