At noon AEDT on Friday, the benchmark S&P/ASX200 index was up 39.9 points, or 0.49 per cent, to 8,260.8, while the broader All Ordinaries had climbed 43.7 points, or 0.52 per cent, to 8,515.2.
For the holiday-shortened week, the ASX200 was on track to finish 2.3 per cent higher, certain to snap its three-week losing streak.
Its weekly performance is set to be its best since a 2.5 per cent gain from August 12 to 16.
Friday's gains came despite a weak lead from Wall Street, which on Boxing Day finished flat during the typically sleepy period between Christmas and New Year's Day.
"There was little to fuel or douse the momentum overnight, with indices barely going anywhere by the close of trade," Capital.com analyst Kyle Rodda said.
Nine of the ASX's 11 sectors gained ground, with tech and utilities lower.
The consumer discretionary sector was the biggest mover, up 0.7 per cent amid media reports of strong Christmas shopping.
Kmart owner Wesfarmers gained 0.6 per cent, Breville added 2.2 per cent and JB Hi-Fi advanced 0.3 per cent.
All of the big four banks were higher, with CBA up 0.3 per cent, Westpac advancing 0.6 per cent, NAB climbing 0.5 per cent and ANZ edging 0.1 per cent higher.
In the mining sector, BHP was up 0.3 per cent while Fortescue and Rio Tinto each gained 1.0 per cent.
The Australian dollar was buying 62.22 US cents, from 62.35 US cents at Tuesday's ASX close.
11°C