The S&P/ASX200 rose 30 points by midday, up 0.33 per cent, to 9,068.1, as the broader All Ordinaries lifted by 28.6 points, or 0.31 per cent, to 9,271.8.
Despite an overnight rally in US technology stocks supporting local IT names, domestic and global risks were weighing on investor confidence.
"Investors and analysts continue to assess the implications for future Reserve Bank policy decisions, now fully pricing in a rate hike before the end of the year, up from only a 50 per cent chance at the start of this week," Westpac economist Mantas Vanagas said.
"Oil prices took a step higher after reports suggested that President Trump had rejected the idea of re-establishing the terms of the memorandum of understanding the US signed with Iran in June."
Woodside, Santos and coal producers improved as Brent crude prices firmed to $US88 a barrel, while Ampol, Viva and uranium stocks lost ground.
Financials rebounded 0.6 per cent after falling on par with mid-June lows on Thursday, with all big four banks in the green.
Resources stocks crept higher as BHP firmed to $66.69, as copper prices hovered near all-time highs, putting the segment on track for a 1.3 per cent boost for the week.
Gold producers were mixed, as investors continued to take profits on precious metals, with gold trading at $US4,577 ($A6,359) an ounce.
Consumer staples eased 1.1 per cent, falling for a second session after rallying on the back of strong results from Coles and Woolworths, while cyclicals were down 1.7 per cent since Monday.
Australian IT stocks outperformed the broader market, the segment charging 4.6 per cent higher, as WiseTech, Xero and Technology One soared.
As earnings season winds down, Harvey Norman shares have dipped despite boosting its full-year sales revenue to $9.6 billion and delivering growth across all major metrics.
Virgin handed down a $501 million full-year bottom-line profit, up 4.7 per cent on 2024/25, despite disruptions due to the Middle East conflict.
Australia Post reported a pre-tax profit of $31.8 million as packages and services revenue topped $8 billion for the first time.
But the government-owned company's underlying figure was a $107.6 million loss after excluding property divestment returns.
Digital property exchange Pexa tanked more than 18 per cent despite a broadly positive financial result, as it warned transaction volumes were falling.
The Australian dollar is buying 71.97 US cents, up from 71.84 US cents on Thursday at 5pm.
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