The S&P/ASX200 rose 47.3 points, up 0.53 per cent, to 8,984.4, ahead of lunch on Tuesday as the broader All Ordinaries gained 38.8 points, or 0.42 per cent, to 9,202.6.
A bank holiday for US markets meant some liquidity would likely find its way to equities in the Asia Pacific region, Moomoo market strategist Michael McCarthy said.
"Australia will be a leading destination for investors because the big dogs - BHP, Newmont and Rio Tinto - are reporting their results and outlooks," he said.
"They could ignite already red-hot commodity sentiment and entice new investors to buy into resources."
BHP shares have done just that, surging more than seven per cent to record highs of $54.20, helping boost the local basic materials sector 2.2 per cent by lunchtime despite mixed performances across the other miners.
Gold stocks were broadly lower by lunchtime as the precious metal eased to $US4,975 ($A7,035) an ounce.
Raw materials was one of only three sectors to move more than one per cent, along with IT stocks (-1.4 per cent) and real estate trusts (-1.0 per cent), in a quiet morning for volatility.
The local tech sector is trading at more than two-year lows, as concerns about potential artificial intelligence disruption to software companies drag on confidence.
The heavyweight financials sector edged 0.2 per cent higher as Westpac notched a 0.6 per cent boost, while its big four competitors traded roughly flat.
Shares in small business bank Judo jumped almost five per cent after it posted a $59.9 million first-half profit, up almost a third on the prior half and 46 per cent better than the previous corresponding period.
Consumer discretionary stocks jumped 0.6 per cent, as JB Hi-Fi surged for a second session after reporting strong earning growth on Monday, with shares up more than 15 per cent in two sessions to $88.47.
Energy stocks edged 0.1 per cent lower, despite an uptick in oil prices steadied ahead of further planned talks between Iran and the US.
Santos shares edged 0.4 per cent higher to $6.73 after the gas producing giant was cleared of greenwashing claims against it in the Federal Court.
In other earnings news, metals recycler Sims tumbled more than fiver per cent after swinging to a first-half net loss after tax of $29.9 million, impacted by higher steel exports from China.
Shares in employment website Seek edged lower after reporting a $178 million loss after taking an impairment on its investment in Chinese jobs platform Zhaopin.
Retail property group Vicinity Centres is due to release its first-half figures later on Tuesday.
The Australian dollar was buying 70.69 US cents, down from 70.88 US cents on Monday at 5pm, but getting a small boost after the Reserve Bank's February meeting minutes revealed the central bank's concerns about persistent inflation.
33°C