The All Ordinaries share index cracked 5,000 for the first time in almost two years, but has since retreated.
The traditional benchmark index on the Australian market passed 5,000 at 10:25am (AEDT), holding there for five minutes, before bouncing back above briefly again, then sliding back around 10:34am.
That is the first time it has been above the 5,000-mark since April 27 2011 according to Reuters data.
The index was up 0.2 per cent on yesterday's close at 4,991 by 12:26pm (AEDT).
The current benchmark index of major companies, the ASX 200, has remained stuck just below the 5,000-point level over recent days, and it would be an almost three-year high if it crosses that threshold.
It was up 10 points on yesterday's close at 4,970, and had reached a high of 4,982 so far in today's trade.
The big two miners have been subdued, with BHP Billiton up 0.1 per cent and Rio Tinto down 0.2 per cent.
Gold miner Newcrest was off just over 2 per cent to $23.65.
However, Whitehaven Coal surged 8.5 per cent to $3.21 after the Federal Government gave a in New South Wales.
Retailers were mostly higher after a positive profit report from JB Hi-Fi yesterday, with Harvey Norman up 2.2 per cent and Myer up 0.9 per cent.
However, JB Hi-Fi itself was down 1.5 per cent to $12.70, as some investors booked profits from the strong gains yesterday.
Qantas was up 0.8 per cent to $1.582 after announcing its new frequent flyer arrangements with partner airline Emirates.