Australia's share market has pared early losses to edge slightly higher, as a strong energy sector and a mining rebound kept the market above water.

The benchmark S&P/ASX200 closed 2.8 points higher on Thursday, up 0.03 per cent to 9,032.8, as the broader All Ordinaries gained eight points, or 0.09 per cent, to 9,329.1.

Energy stocks rallied more than three per cent after US sanctions on Russian oil prices lit a match under crude prices and as a Woodside gas deal provided a springboard for the segment's biggest company.

"The ASX 200 had that little early wobble below 9000 and it has bounced back rather well, with the energy sector the main driver there," IG Markets analyst Tony Sycamore told AAP.

Woodside's deal with US gas infrastructure provider Williams helped send its shares more than four per cent higher to $24.17, while Santos (down 2.2 per cent) and Ampol (up 4.1 per cent) also posted solid gains.

"Elsewhere, we've had banks mostly lower and a mixed day for the big mining stocks, while gold stocks have bounced back," Mr Sycamore said.

Gold miners clawed back some of the previous session's losses after the precious metal's record-breaking run hit a brick wall on Tuesday night, prompting its sharpest single-day drop since 2013.

Northern Star and Evolution Mining rebounded two per cent each, amounting to less than a third of their respective losses from Wednesday.

Spot gold was changing hands at $US4,108 ($A6,329) an ounce at 5pm, just over six per cent short of recent record highs.

Critical minerals and rare earths producers caught a bid in a rocky week's trade since the announcement of Australia's crucial minerals deal with the US.

Iluka Resources and Lynas Rare Earths each gained more than three per cent, while lithium plays Liontown and Pilbara Minerals jumped more than four per cent.

Of the large-cap miners, Fortescue shares rallied 2.4 per cent to $20.84 on solid quarterly production results, Rio Tinto slipped 0.4 per cent and BHP lost 1.2 per cent after offering investors little new at its annual general meeting.

The heavyweight financials sector tumbled 0.8 per cent as CBA (down 1.4 per cent) led the big four lower, its shares trading at $171.66.

Insurers were broadly stronger after IAG posted strong results in the first quarter, which had been "benign" on the natural disaster front.

Buy-now, pay-later provider Zip Co has plunged more than 13 per cent in three sessions to $4.02 as investors took profit after the company upped its revenue projections earlier in the week.

Zip's share price is up more than 200 per cent since April.

Silex Systems was the top 200's best performer, surging almost nine per cent after winning a third-party validation of its laser-based uranium enrichment technology.

At the other end of the table was Perpetual Asset Management, which tumbled 4.3 per cent after chair Greg Cooper urged shareholders not to believe everything they read in the media, rather than directly reject reports Oaktree is considering ditching plans to buy Perpetual's wealth business.

Rebel Sport owner Super Retail Group also tumbled, down four per cent after it flagged softening sales growth in a quarterly update.

The Australian dollar is buying 64.92 US cents, down slightly from 65.04 US cents on Wednesday at 5pm.

ON THE ASX:

* The S&P/ASX200 rose 2.8 points, or 0.03 per cent, to 9,032.8

* The broader All Ordinaries gained eight points, or 0.09 per cent, to 9,329.1

CURRENCY SNAPSHOT:

One Australian dollar trades for:

* 64.92 US cents, from 65.04 US cents on Wednesday

* 98.93 Japanese yen, from 98.74 Japanese yen

* 55.96 euro cents, from 56.00 euro cents

* 48.64 British pence, from 48.70 British pence

* 113.18 NZ cents, from 113.01 NZ cents

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Tuesday, 7th December 2027

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