The S&P/ASX200 gained 39.6 points by midday, up 0.44 per cent, to 8,998.5, as the broader All Ordinaries rose 43.2 points, or 0.47 per cent, to 9,225.7.
The local bourse was set for a steady but cautious day, after a modest US session as tech jitters and softer energy prices persisted, Moomoo dealing manager Chris Strazzeri said.
"With a busy local earnings slate, today's session is likely to be driven more by company results than broad offshore momentum," he said.
NAB was a clear standout, shooting up more than four per cent to a record $47.96 per share, after posting a $2.2 billion unaudited net profit for the December quarter, with underlying profit growth of 11 per cent.
The heavyweight financials sector gained almost one per cent by midday, as 10 of 11 local sectors pushed into the green.
Suncorp was less impressive, slipping 2.6 per cent after its first-half profit slumped due to higher natural disaster costs of more than $1.3 billion and lower investment returns.
IT stocks were also strong, rebounding almost two per cent from recent weakness but still struggling to break out of more than 12 month lows.
Communications and real estate stocks each rose more than one per cent, with positive earnings results from Spark New Zealand and Mirvac, which surged more than five per cent after its first half underlying earnings improved by a tenth on the corresponding half to $398 million.
Raw materials underperformed the market, down 0.8 per cent as BHP ran into profit taking after its record-breaking post earnings run on Tuesday.
BHP shares slipped 1.4 per cent to $51.98, while fellow-mega miners Rio Tinto and Fortescue forged ahead.
Gold miners remained under pressure, with Northern Star and Evolution down more than two and three per cent, respectively, as the precious metal lingered near US$4,879 ($A6,893) an ounce.
"Volatility and ultimately bearishness in precious metals persists and could also be a factor weighing against equities and other risk assets," Capital.com senior market analyst Kyle Rodda said.
"While the event itself was over a fortnight ago, the dislocation caused by the precious metals mini-bubble has not entirely resolved, as re-positioning and de-leveraging continues and short-term speculations look to take advantage of volatility."
Local energy stocks edged 0.2 per cent higher, despite oil prices dipping overnight, as Woodside advanced modestly.
Santos shares tumbled more than two per cent to $6.53, after the oil and gas giant flagged plans to reduce headcount by a tenth, as its full-year, underlying post-tax profit slumped more than 25 per cent to $US898 million ($A1.3 billion) due to weak commodity prices.
Elsewhere in the sector, coal miners were mixed and uranium stocks were broadly higher, with Paladin Energy up more than 4.4 per cent in its first strong session since its earnings update a week earlier.
The health care segment advanced as biotech giant CSL gained 1.4 per cent after announcing a licensing agreement with US pharmaceutical behemoth Eli Lilly for one of its monoclonal antibody products.
The Australian dollar was buying 70.76 US cents, up from 70.62 US cents on Monday at 5pm.
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