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))
For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.