AU Evening Wrap: Australia Shares Close Flat as Inflation Stays Steady

Australia's $S&P/ASX 200 (.XJO.AU)$ closed flat at 7660.4, fading from a bright start after data showed annual inflation stayed steady in January. Monthly CPI rose 3.4% over the year through January, the same as in the 12 months through December, leaving economists' forecasts for the timing of central-bank rate cuts largely unaltered.

Tech was the best performing of the ASX 200's 11 sectors, adding 2.9%. Data center operator $Nextdc Ltd (NXT.AU)$ surged 13% a day after releasing its H1 earnings. Accounting software provider $Xero Ltd (XRO.AU)$ added 4.4% on the eve of its latest investor day.

The financial sector lost 0.45%. Bank stocks retreated, with $ANZ Group Holdings Ltd (ANZ.AU)$, $National Australia Bank Ltd (NAB.AU)$, $Westpac Banking Corp (WBC.AU)$ and $CommBank (CBA.AU)$ losing between 0.1% and 1.0%.