Inflation figures weigh on local market as shares close flat

By Simon Frazer

The mining sector was among those that gave up the ground it made earlier in the session. Rio Tinto closed 0. 25 per cent higher and BHP Billiton rose nearly 0. 1 per cent, but most other miners fell.

The TD Securities - Melbourne Institute Monthly Inflation Gauge points to an annual inflation rate of 2. 5 per cent, which is right in the middle of the Reserve Bank‘s target band.

Gold miner Newcrest lost 0. 4 per cent and Fortescue Metals Group closed down 1. 9 per cent as it went ex-dividend.

The airlines handed back some of the gains they made late last week. Qantas fell 1. 4 per cent while Virgin Australia lost 2. 4 per cent.

Read more here: ABC


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