Miners help Australian shares close slightly higher
Miners up 0.8% on strong iron ore prices
Financials down after 3 days of gains
Australian CPI data due on Wednesday
Updates to close
By Rajasik Mukherjee
Oct 28 (Reuters) -Australian shares closed marginally higher on Monday as gains in miners outweighed losses in financials and energy stocks, while investors awaited third-quarter inflation data due later in the week for further monetary policy cues.
The S&P/ASX 200 index .AXJO inched 0.1% higher to 8,221.5 after trading in a narrow range throughout the session. The benchmark ended 0.1% higher on Friday.
Index heavyweight miners .AXMM rose 0.8% as iron ore prices jumped. BHP Group BHP.AX and Rio Tinto RIO.AX climbed 1.3% and 1.7%, respectively. IRONORE/
"The dogged determination from the Chinese authorities to stabilise property markets is beginning to bear fruit," Westpac analysts said in a note.
China is Australia's top trading partner and the world's top consumer of iron ore.
Market participants are waiting to see if inflation fell to the Reserve Bank of Australia's 2%-3% target range in the third quarter. The data is due on Wednesday.
"Inflation number is crucial and sub-3% would be required at least to convince (the) RBA to turn dovish at all," said Junvum Kim, Asia Pacific senior sales trader at Saxo Markets.
The central bank has maintained its interest rate at a 12-year high of 4.35% since last year and said the current cash rate "is restrictive enough to bring inflation down" to its target range.
Rate-sensitive financials .AXFJ fell 0.4% to snap a three-session gaining streak. Three of the "Big Four" banks declined between 0.7% and 0.8%. Westpac Banking WBC.AX rose 0.1%.
"It looks like we are seeing some profit-taking and last week's gains were driven with thick trading volume," Junvum said.
Energy stocks .AXEJ fell 0.5% after two straight sessions of gains, hurt by a sharp drop in oil prices after Iran downplayed Israeli strikes. O/R
Woodside Energy WDS.AX fell as much as 1.4%, while smaller peer Santos STO.AX shed 0.6%.
Among other sectors, gold stocks .AXGD declined 2.5% on lower bullion prices. GOL/
Markets in New Zealand were closed for a public holiday.
Reporting by Rajasik Mukherjee in Bengaluru; Editing by Subhranshu Sahu
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