May 11 (Reuters) - Australian shares flitted between red and...

May 11 (Reuters) - Australian shares flitted between red and green on Thursday, as losses in financials countered strength in mining and energy stocks, while the U.S. inflation print spurred hopes the Federal Reserve's interest rate-hiking cycle is close to an end.

The S&P/ASX 200 index (xjo) was flat at 7250.9 points by 1233 GMT. The benchmark closed 0.1% lower on Wednesday.

Interest rate-sensitive financial stocks .AXFJ slipped as much as 0.6%, losing for a second straight session after a three-day winning streak.

Among the country's top banks, National Australia Bank (NAB) and Westpac Banking Corp (WBC) gave up 0.1% and 3.3%, respectively.

The U.S. consumer price index rose 0.4% after gaining 0.1% in March. Although in the 12 months through to April, CPI increased 4.9%, less than the 5% year-on-year gain in March, indicating Fed might be succeeding in controlling inflation.

Domestic miners .AXMM advanced 0.3% to gain for the first time in three sessions.

Allkem Ltd (AKE) topped the charts with a 14.3% jump, hitting its highest level since November 2022, after the lithium miner disclosed plans to merge with U.S.-based Livent Corp LTHM.N in an all-stock deal valued at $10.6 billion.

St Barbara (SBM) advanced as much as 9% after the company received a revised offer for its Leonara assets in Western Australia from Silver Lake Resources (SLR) .

Also leading the sub-index, Lake Resources (LKE) and Pilbara Minerals (PLS) advanced 10.8% and 6.2%, respectively.

Energy stocks .AXEJ added 0.2% even as oil prices ticked up overnight, with sector majors Woodside Energy (WDS) and Santos (STO) gaining 0.2% each.

Separately, shares in James Hardie (JHX) slipped 0.4% after the top fibre cement maker revealed proceedings brought against it alleging that the company breached some disclosure obligations.

New Zealand's benchmark S&P/NZX 50 index (nz50) slipped 0.7% at 11909.9 points.