The S&P/ASX200 on Wednesday closed 4.9 points, or 0.06 per cent, higher at 8,592.1, as the broader All Ordinaries gained 6.9 points, or 0.08 per cent, to 8,819.6.
An in-principle deal to ease trade barriers between the US and China helped the local bourse to a new intraday peak of 8,639.
It provided investors an opportunity to take profits ahead of a key inflation print expected to show increasing impacts of tariffs on US consumer prices.
Options markets were pointing to further upside in the medium term, but there could be some choppy weeks ahead, Moomoo market strategist Jessica Amir said.
"People will be selling and locking in their profits, and that's because of the highs and the end of financial year just two weeks away," she told AAP.
"We're likely to go through a very bumpy period before markets traditionally bounce back in value in July."Â
Real estate, materials and energy stocks led the gains as seven of 11 sectors closed higher.
The financial sector retreated 0.2 per cent after hitting a record peak on Tuesday, as the Commonwealth Bank and NAB fell 0.3 per cent, and Westpac and ANZ eked gains of 0.4 per cent each.
CBA shares closed at $181.49 after hitting a fresh record of $183.19 shortly after the opening bell.
Zip Co was the top-200's best performer, surging more than 15 per cent to $2.69 as its US expansion prompted an earnings guidance upgrade.
Qantas shares slipped 1.3 per cent to $10.50 after the carrier announced it would close Jetstar Asia, its Singapore-based intra-Asia airline.
Energy stocks rallied 0.8 per cent as the brighter trade outlook helped oil prices edge 0.5 per cent higher.
Brent crude futures are trading at $US66.39 a barrel, holding just above seven week highs and helping Woodside push 1.9 per cent higher to $23.52.
Large cap miners enjoyed a return to form as Fortescue jumped 3.5 per cent and BHP gained 1.5 per cent, although Rio Tinto continued to lag its competitors with a 0.2 per cent gain.
Gold has been trading a within tight rage around $US3,350 ($A5,145) an ounce, providing mixed fortunes for local miners with Northern Star up 0.8 per cent, Evolution shedding 0.4 per cent and Perseus Mining down six per cent after its production outlook failed to shine.
IT stocks were the worst-performing sector, down 1.5 per cent as Xero, Technology One and Life360 sold off, while data centre plays Megaport and Next DC offered some relief and extended Tuesday's gains.
On Tuesday, Prime Minister Anthony Albanese recommitted to his government's plan to build 1.2 million homes by mid-2029, but also flagged a willingness to cut regulatory red tape, helping the real estate sector rally 1.8 per cent in two days.
The Australian dollar is buying 65.13 US cents, up from 64.97 US cents on Tuesday at 5pm.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday 4.9 points higher, or up 0.06 per cent, to 8,592.1
* The broader All Ordinaries gained 6.9 points, or 0.08 per cent, to 8,819.6
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.13 US cents, from 64.97 US cents on Tuesday at 5pm
* 94.53 Japanese yen, from 93.93 Japanese yen
* 57.09 Euro cents, from 57.01 Euro cents
* 48.37 British pence, from 48.22 pence
* 108.02 NZ cents, from 107.69 NZ cents
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