By midday, the S&P/ASX200 was up 15.6 points, or 0.19 per cent, to 8142.3, as the All Ordinaries gained 18.8 points, or 0.22 per cent, to 8359.3.
The tentative start came after a volatile Wall Street session where a late rally pushed the three major indexes slightly higher after disappointing US GDP data.
The US economy shrank for the first quarter in three years, by 0.3 per cent, which analysts attributed to a spike in imports as companies tried to front-run President Donald Trump's tariffs.
Manufacturing data from China on Wednesday showed its steepest decline since December 2023, a sign of the early impacts of US tariffs.
"This saw the price of iron ore fall 1.33 per cent to $US97.15 in Asia, a move that has been added to overnight," IG Markets analyst Tony Sycamore said.
"Combined, these moves in key commodities have resulted in BHP's (New York listing) falling 2.16 per cent overnight, indicating a tough day ahead for the big miners."
Materials stocks were weighing on the bourse early in the session, down 0.9 per cent as BHP slipped 1.4 per cent, and Rio Tinto was down 1.1 per cent as its AGM kicked off this morning.
Three of 11 local sectors were in the red, with energy the worst performer and down 1.1 per cent as demand concerns and a potential OPEC+ supply hike again kept crude futures at four-year lows.
Brent crude is trading at $61.05, while its US, West Texas Intermediate equivalent contract is fetching $US58.59.
The big four banks were mixed, with CBA up 0.6 per cent while ANZ, NAB and Westpac were down by less than one per cent as the financial sector eked a 0.1 per cent gain.
IT stocks outperformed the bourse, up more than three per cent, helped by rallies in Wisetech (+5.5 per cent) and data centre company NEXTDC, up 5.6 per cent.
Consumer staples were up one per cent, as Woolworths rose 0.8 per cent higher on mixed third-quarter results.
Its total sales rose more than three per cent on the equivalent 2024 quarter to $3.2 billion, thanks largely to a 15.7 per cent surge in eCommerce sales.
The group's Big W sales slipped 1.5 per cent, sparking a first half profit downgrade to a loss of $70 million before interest and tax.
Real estate stocks also performed well, up 1.8 per cent as easing building costs and cooling underlying inflation narrowed bets of an interest rate cut at the Reserve Bank's May meeting.
Goodman Group was up four per cent to $31.19 as Charter Hall gained 2.5 per cent.
The Australian dollar has been consolidating around the 64 US cent level since April 21 to buy 64.12 US cents, on par with 64.10 US cents, its level at Wednesday at 5pm.
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