The S&P/ASX200 gained 47 points on Thursday, up 0.51 per cent, to 9,175.3, as the broader All Ordinaries rose 49.7 points, or 0.53 per cent, to 9,408.7.
Both indices notched fresh intraday peaks during the session and ended the day at their highest-ever closing values, with an extra $85 billion added to the top-500's combined value in February, taking it to $3.2 trillion.
"Financials are up nine per cent for the month and raw materials up almost eight per cent, so you've got those two big locomotives of the Australian stock market really chiming in," IG market analyst Tony Sycamore told AAP.
"When you look at where the ASX 200 sits in the first two months of this year, we're doing better than the US, we're doing better than France, Canada, Hong Kong, China, and it's not often we get to say that."
Nine of 11 local sectors ended the session higher, with IT stocks up more than five per cent and tracking with a strong Wall Street lead after chipmaker Nvidia surged after another blockbuster quarter.
Basic materials did a lot of heavy lifting, rising one per cent as BHP surged to a record high $57.75, a fourth record close in as many days.
Rio Tinto rocketed 3.7 per cent to $168.62, roughly $1.20 short of its own personal best.
Strong commodity prices, particularly for industrial metals, have been turbocharging miners in 2026.
Gold stocks were mixed but mostly in the red, despite the precious metal edging higher during the session to $US5,200 ($A7,293) an ounce.Â
Gold is up roughly 20 per cent in 2026, but pulled back in early February after soaring more than 60 per cent in 2025.
The heavyweight financials sector, which accounts for roughly a third of the local stock market's value, edged slightly lower on Thursday, with three of the big four banks slipping from recent strength.
Energy stocks underperformed the broader market, the sector dipping 1.5 per cent as weaker coal prices weighed on Yancoal's interim result, prompting investors to shrug off its record production and sell it down by more than eight per cent.
Uranium stocks were also under selling pressure after an earnings miss from Boss Energy, while fossil fuel giants Woodside and Santos slumped 0.9 per cent or more as LNG futures dipped.
Health care stocks continued to rebound, up 1.6 per cent, with help from strong first half results from Ramsay Health Care, but the segment remains down by roughly 32 per cent on 12 months before, following a year marred by US trade and vaccine policy shifts.
Consumer staples stocks have charged a massive 7.4 per cent in two sessions since Woolworths' stellar half-year earnings report dropped on Wednesday, the grocery giant surging twice as much.
Coles will hand down its results for the half on Friday, along with Harvey Norman, Star Entertainment, TPG Telecom, Pexa and Bapcor.
The Australian dollar is buying 71.34 US cents, up from 71.09 US cents at 5pm on Thursday and creeping higher since January inflation came in hotter-than-expected, raising the odds of more interest rate hikes.
ON THE ASX:
* The S&P/ASX200 gained 47 points, or 0.51 per cent, to 9,175.3
* The broader All Ordinaries rose 49.7 points, or 0.53 per cent, to 9,408.7
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 71.34 US cents, from 71.09 US cents at 5pm AEDT on Wednesday
* 111.25 Japanese yen, from 110.63 Japanese yen
* 60.35 euro cents, from 60.24 euro cents
* 52.61 British pence, from 52.57 British pence
* 118.72 NZ cents, from 118.81 NZ cents
