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By Shivangi Lahiri

May 14 (Reuters) - Australian shares ended marginally higher on Wednesday as losses in consumer discretionary stocks offset most of the gains in banks, while Insignia Financial slumped 15% after a takeover bid for the money manager fell through.

The S&P/ASX 200 index .AXJO rose 0.1% to close at 8,279.6. The benchmark has gained more than 900 points since its April 7 low due to the U.S. tariff announcements.

Insignia Financial IFL.AX was among the biggest drags on the main index, hitting a five-month low, after private equity giant Bain Capital pulled out of a potential A$3.34 billion ($2.16 billion) takeover deal, citing volatility in global capital markets.

Macquarie Group MQG.AX, too, dampened advances in the broader market after Australia's corporate regulator sued the investment bank for misreporting up to 1.5 billion short sales over 15 years, sending its shares 1.6% lower.

Despite these declines in Insignia and Macquarie, the financials sub-index .AXFJ edged up 0.3%, lifted by a 0.8% rise in the country's biggest lender, Commonwealth Bank of Australia CBA.AX.

CBA reported a 6% rise in third-quarter profit and said its margins were stable. The bank's 'Big Four' peer National Australia Bank NAB.AX gained 1.4%.

Data earlier in the day showed Australian wages picked up in the first quarter led by government pay rises, which could inform the Reserve Bank of Australia's view on inflation and future rates, analysts said.

The central bank is set to announce its rate decision on May 20 after a two-day meeting, with many investors expecting a quarter-point cut.

Consumer discretionary stocks .AXDJ tumbled 1.4% to close at a one-week low, pulled down by an 8.9% decline in Aristocrat Leisure ALL.AX after the poker machine giant reported lower half-year earnings.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 0.1% to end at 12,779.26.

($1 = 1.5449 Australian dollars)

(Reporting by Shivangi Lahiri and Kumar Tanishk in Bengaluru; Editing by Rashmi Aich)

((shivangi.lahiri@thomsonreuters.com))

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