Updates with inflation data, share moves

April 30 (Reuters) - Australian shares pared gains on Wednesday after the local first-quarter inflation figures came in higher than market expectations, but slipped within the central bank's target range.

The S&P/ASX 200 index .AXJO gained 0.2%, rising for a fifth straight session, to 8,085.6 points, the highest since March 7, by 0159 GMT. The benchmark had climbed 0.9% on Tuesday.

The key trimmed mean measure of core inflation increased by 0.7% in the quarter, above forecasts of a 0.6% gain.

The annual pace slowed to 2.9%, from 3.2%, taking it back into the Reserve Bank of Australia's 2% to 3% target band for the first time since late 2021.

Swaps imply that the chances of a quarter point cut from the RBA in May are over 96%. < 0#AUDIRPR>

Rate-sensitive financials .AXFJ led the gains, adding 0.5% and rising for the tenth straight session. Three of the "Big Four" banks advanced between 0.5% and 1.2%.

Technology stocks .AXIJ rose 0.8%, tracking Wall Street's overnight gains. .N

On the other hand, energy stocks .AXEJ dipped 0.9%, following a slide in oil prices as U.S. President Donald Trump's erratic tariffs raised concerns about weakening global economic growth and fuel demand. O/R

Origin Energy ORG.AX, Australia's second-largest power producer, fell 1.6% after reporting a 10% sequential drop in revenue in the third quarter from its stake in the Australia Pacific LNG project (APLNG).

Among individual stocks, Coles Group COL.AX, the country's second-largest grocer, fell 1% despite posting a 3.4% rise in third-quarter revenue.

New Zealand's benchmark S&P/NZX 50 index .NZ50 was down 0.3% at 11,987.82 points.

(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sumana Nandy and Mrigank Dhaniwala)

((Adwitiya.Srivastava@thomsonreuters.com))

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