The Australian stock market pared gains slightly to sit 0.8 per cent higher at noon on an uptick in European markets after the eurozone and British central banks reaffirmed their commitment to monetary easing.
At 1205 AEST, the benchmark S&P/ASX200 index lifted 0.81 per cent to 4,833.7 points, while the broader All Ordinaries index added 0.8 per cent to 4,819.1 points. Earlier, the benchmark touched a high of 4853.4 points.
CMC Markets premium client manager Niall King said the volatility marking the start to the financial year would continue into next week.
"With US non-farm payrolls topping the bill on the imminent economic data front, investors have plenty to ponder," Mr King said.
"Recent volatility looks set to continue into next week as market participants look to crucial economic releases both domestically and from China, to answer increasing questions about the health of the Australian economy and its largest trading partner."
He said the closure of US markets for Independence Day meant "the baton for sentiment direction was picked up by the Europeans"
"Re-affirmed commitment to monetary easing by the ECB and Bank of England sent European equities into raptures overnight, with investors looking to lean on cheap money," he said.
Materials were also higher, with the major miners supporting the broader market.
Rio Tinto lifted 0.56 per cent to $52.46, while BHP Billiton added 1.35 per cent to $31.64.
Fortescue Metals added 2.58 per cent to $3.385, after slamming Brockman's bid to gain third-party access to its Pilbara rail line.
Whitehaven Coal lifted 0.88 per cent to $2.30, while Newcrest lost 1.5 per cent to $10.815.
In energy, Santos inclined 1.7 per cent to $13.19, Oil Search added 0.7 per cent to $7.935 and Woodside increased 0.53 per cent to $35.83.
Financial stocks were stronger, with the big four banks all in the black.
Commonwealth Bank added 0.67 per cent $68.93, while ANZ Banking Group expanded 0.74 per cent to $28.40.
National Australia Bank inclined 0.83 per cent to $29.11, while Westpac Banking Corporation gained 0.93 per cent to $28.19.
Investment bank Macquarie Group rose 2.09 per cent to $41.93.
In the insurance sector, QBE rallied 1.24 per cent to $16.38, Insurance Australia Group increased 0.55 per cent to $5.48 and Suncorp edged 0.59 per cent higher to $11.90.
The retail sector also gained.
Wesfarmers added 0.31 per cent to $38.98 while Woolworths rose 0.09 per cent to $32.48.
Myer added 2.27 per cent to $2.475 while rival David Jones rose 1.99 per cent to $2.56.
Harvey Norman inclined 1.66 per cent to $2.45, while JB Hi-Fi lost 1.02 per cent to $16.49.
In media, Fairfax Media rose 1.96 per cent to 52 cents, while 21st Century Fox lifted 0.21 per cent to $32.91.
Ten Network fell 0.91 per cent to 27.75 cents and Southern Cross Media rose 2.94 per cent to $1.4875, while Seven West rallied 3.34 per cent to $2.01.
Meanwhile, blue chip Telstra added 0.85 per cent to $4.73, while Qantas added 1.72 per cent to $1.3275.
