Australian shares waver as miners counter energy, gold stocks
Oct 28 (Reuters) -Australian shares struggled for a clear direction on Monday as gains by miners partially offset energy and gold stocks, while investors remained on the sidelines ahead of local inflation data due this week.
The S&P/ASX 200 index .AXJO shed early gains of 0.2% to trade flat, as of 2236 GMT. The benchmark ended 0.1% higher on Friday.
Markets in Australia await data on inflation, a favoured measure for the central bank to assess its interest rate trajectory.
The Reserve Bank of Australia has said that the maintained cash rate of 4.35% is restrictive enough to bring inflation to its target band of 2%-3% while preserving employment gains.
Investor focus was also on a slew of quarterly corporate production and earnings reports this week, including from grocery chains Woolworths WOW.AX and Coles COL.AX.
Shares of Australian miners .AXMM advanced 0.5% as iron ore prices firmed on anticipation of further stimulus measures from China, the country's largest trading partner. IRONORE/
Mining giants Rio Tinto RIO.AX, BHP Group BHP.AX and Fortescue FMG.AX were up between 0.5% and 1.2%.
Technology stocks .AXIJ climbed 0.6%, catching the tailwind from a bounce on Nasdaq last week. .N
Shares of technology majors Xero XRO.AX rose 1.3%, while WiseTech Global WTC.AX was flat.
Domestic gold stocks .AXGD emerged as the biggest percentage losers in the benchmark index, falling 1.6%, even as bullion prices edged up. GOL/
Gold miners Northern Star Resources NST.AX and Evolution Mining EVN.AX were down 4.2% and 1.7%, respectively.
Energy stocks .AXEJ slipped 1.1% to their lowest levels since Sept. 23, as oil prices fell after Israel showed restraint in strikes on Iran, easing geopolitical tensions. O/R
Energy major Woodside WDS.AX and smaller rival Santos STO.AX fell 0.8% and 0.4%, respectively.
Banking stocks .AXFJ struggled for direction, with the sub-index largely flat in early trade before slipping 0.2%. Shares of Commonwealth Bank of Australia CBA.AX, the country's largest bank, declined 0.2%.
Markets in New Zealand were closed for a public holiday.
Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips
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